Li Auto Inc. Announces Completion of the Put Right Offer for Its 0.25% Convertible Senior Notes due 2028

Li Auto (Nasdaq: LI) announced completion of its put right offer for the 0.25% Convertible Senior Notes due 2028.

Rhea-AI Summary

Li Auto (Nasdaq: LI) announced completion of its put right offer for the 0.25% Convertible Senior Notes due 2028. The offer expired April 29, 2026 and resulted in valid surrenders totaling US$716,800,000 principal. Cash has been forwarded for repurchase distribution.

After settlement, US$145,700,000 principal of the Notes remain outstanding and continue under the existing indenture terms. SEC and company filings are available without charge on the SEC and company investor websites.

Positive

• Repurchased US$716.8M principal of 0.25% convertible notes
• Outstanding principal reduced to US$145.7M after repurchase
• Company used cash to settle put right repurchases

Negative

• Cash outflow of US$716.8M to fund the repurchase
• Remaining convertible exposure of US$145.7M continues potential dilution

Argus Apr 30 session

+0.45% close to close Open Argus

Details

News Market Reaction – LI

In the Apr 30 session, LI gained 0.45%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms completion of Li Auto’s put right process for its 0.25% Convertible Senio...

Analysis

This announcement confirms completion of Li Auto’s put right process for its 0.25% Convertible Senior Notes due 2028, with US$716.8M repurchased and US$145.7M still outstanding under the existing indenture terms. It follows the March notification that outlined the put window and maximum repurchase amount. Investors may track future disclosures and filings for any additional liability management steps or capital structure changes related to these notes.

Key Figures

Coupon rate: 0.25% Notes repurchased: US$716,800,000 Notes remaining: US$145,700,000 +5 more

Coupon rate

0.25%

Convertible Senior Notes due 2028

Notes repurchased

US$716,800,000

Aggregate principal validly surrendered in put right offer

Notes remaining

US$145,700,000

Aggregate principal amount outstanding after repurchase

Prior notes outstanding

US$862,500,000

Aggregate principal outstanding as of March 26, 2026

Current price

$17.73

Pre-news close vs 52-week range $15.71–$32.03

52-week high discount

-44.65%

Price vs 52-week high of $32.03

Market cap

$18,175,592,376

Equity value before this announcement

Put right expiry time

5:00 p.m.

New York City time on April 29, 2026 for the put right offer

Historical Context

5 past events · Latest: Apr 21

5 events

1. Apr 21

   AGM announcement

   24h Move

   -1.1%

   Announcement of the May 29, 2026 annual general meeting and voting details.

2. Apr 10

   Annual report filing

   24h Move

   +5.0%

   Filing of Form 20-F for fiscal year 2025 with audited financial statements.

3. Apr 10

   ESG/climate reports

   24h Move

   +5.0%

   Release of 2025 ESG report and inaugural climate-related disclosures report.

4. Apr 01

   Delivery update

   24h Move

   +3.1%

   Reported March 2026 deliveries and network scale, plus autonomous driving model unveil.

5. Mar 27

   Put right notice

   24h Move

   -0.7%

   Notification of holder put right for 0.25% convertible notes due 2028 and terms.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, put right offer, cusip, indenture

4 terms

convertible senior notes financial

"put right offer relating to its 0.25% Convertible Senior Notes due 2028"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

put right offer financial

"announced that it has completed its previously announced put right offer relating"

A put right offer is a contractual arrangement that gives certain shareholders the option to sell their shares back to a buyer or the company at a pre-agreed price under specific conditions. Think of it like a built-in “sell button” that a minority owner can press if a deal falls through or a trigger event occurs; it matters to investors because it creates a predictable exit route and can affect a company’s cash needs, share supply, and perceived value.

cusip financial

"0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

indenture financial

"continue to be subject to the existing terms of the Indenture and the Notes"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, China, April 30, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that it has completed its previously announced put right offer relating to its 0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8) (the “Notes”). The put right offer expired at 5:00 p.m., New York City time, on Wednesday, April 29, 2026.

Based on the information from Deutsche Bank Trust Company Americas as paying agent for the Notes, US$716,800,000 aggregate principal amount of the Notes (the “Repurchase Price”) were validly surrendered and not withdrawn prior to the expiration of the put right offer. The Company has forwarded cash in payment of the Repurchase Price to the paying agent for distribution to the holders that had validly exercised their put right. Following settlement of the repurchase, US$145,700,000 aggregate principal amount of the Notes will remain outstanding and continue to be subject to the existing terms of the Indenture and the Notes.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, https://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s website, https://ir.lixiang.com.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World (主动积极,改变世界). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: ir@lixiang.com

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: Li@christensencomms.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much principal did Li Auto (LI) repurchase under the April 2026 put right offer?

Li Auto repurchased US$716,800,000 principal of the notes. According to the company, that principal amount was validly surrendered and cash was forwarded to the paying agent for distribution to holders who exercised their put right.

What principal amount of Li Auto (LI) convertible notes remains outstanding after the repurchase?

US$145,700,000 principal remains outstanding after settlement. According to the company, those remaining notes continue to be governed by the existing terms of the indenture and the notes.

When did the put right offer for Li Auto (LI) 0.25% notes expire?

The put right offer expired at 5:00 p.m. New York City time on April 29, 2026. According to the company, only notes validly surrendered and not withdrawn prior to that expiration were eligible for repurchase.

How will Li Auto (LI) distribute payment for the repurchased notes?

Payments were forwarded to the paying agent for distribution to holders who validly exercised their put right. According to the company, Deutsche Bank Trust Company Americas acted as paying agent to handle settlement and distributions.

Where can investors find the SEC filings related to Li Auto's (LI) put right offer completion?

SEC filings are available electronically without charge on the SEC website and company investor site. According to the company, documents can be obtained at https://www.sec.gov and https://ir.lixiang.com.