Company: LI
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001410578-25-000678
Chunk: 102

Company: Li Auto Inc.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 3
Chunk 102
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 to extreme volatility in the global stock markets. These broad market and industry fluctuations may adversely affect the market price of our Class A ordinary shares or the ADSs. Volatility or a lack of positive performance in our Class A ordinary shares or the ADSs price may also adversely affect our ability to retain key employees, most of whom have been granted options or other equity incentives.
In addition to market and industry factors, the price and trading volume for our Class A ordinary shares or the ADSs may be highly volatile for factors specific to our own operations, including the following:

●   variations in our revenues, earnings and cash flow;
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●   announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;
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●   announcements of new services and expansions by us or our competitors;
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●   changes in financial estimates by securities analysts;
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●   detrimental adverse publicity about us, our services or our industry;
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●   fluctuations in order intake, uncertainties in delivery outlook, and discrepancies between projected and actual vehicle deliveries;
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●   additions or departures of key personnel;
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●   release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities;
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●   actual or potential litigation or regulatory investigations; and
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●   regulatory developments affecting us, our users, suppliers, or our industry.
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Any of these factors may result in large and sudden changes in the volume and price at which our Class A ordinary shares or the ADSs will trade.
In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. Any class action suit could divert a significant amount of our management’s attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares or the ADSs may view as beneficial.
Pursuant to our sixth amended and restated memorandum and articles of association,