File photo/Zhang Jian (NBD)

According to documents disclosed on the Hong Kong Stock Exchange website on April 3, Wang Xing, the non-executive director of Li Auto and founder of Meituan, reduced his holdings of Li Auto's Hong Kong stocks by selling 400,000 shares on March 30 at an average price of HKD 97.74 per share, cashing out a total of HKD 39.0976 million.

From March 28 to March 30, Wang Xing had sold Li Auto's Hong Kong stocks for three consecutive trading days, with a total of 1.33 million shares sold at an average price of HKD 93.2, HKD 97.81, and HKD 97.74, respectively, cashing out approximately HKD 128 million. His shareholding proportion decreased from 22.42% to 22.35%.

This is also the sixth time that Wang Xing has reduced his holdings of Li Auto's Hong Kong stocks since March 20, with a total reduction of HKD 310 million. During this period, Wang Xing also sold Li Auto's American depositary receipts three times, with a total reduction of USD 14.07 million (approximately HKD 110 million). The total reduction in the past two weeks was approximately HKD 420 million.

Currently, Wang Xing's shareholding has decreased to 22.35%, but he is still the largest external shareholder of Li Auto.

Regarding Wang Xing's recent frequent sales, Li Auto responded that "this transaction is a personal behavior, and the transaction accounts for a small part of his total shareholding, and does not involve Meituan's shareholding. Specific shareholding information will be based on the annual report after the 2022 annual report is issued."

In the development process of Li Auto, Wang Xing is undoubtedly one of the key figures. As early as 2019, Wang Xing led a USD 530 million Series C financing for Li Auto as an angel investor, with a contribution of USD 285 million.