The Tool Desk
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1. What security would you actually own?
Start with the ticker and the legal terms of the security, not just the vehicle brand. For a U.S.-listed American depositary share (ADS), check the deposit agreement and confirm:
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- Which offshore company issued the security and where that issuer is incorporated.
- Which class of ordinary shares underlies the ADS and how many ordinary shares each ADS represents.
- Whether the company also has a Hong Kong or other listing, and whether that line has the same share class, rights and settlement arrangements.
- Which legal entity owns or operates the vehicle, factory, software and other businesses you are evaluating.
Do not assume the traded issuer and the Chinese operating company are the same legal entity. Li Auto’s 2025 Form 20-F describes its issuer as a Cayman Islands holding company with no equity ownership in its VIEs. It says holders of its ordinary shares or ADSs own equity in that offshore holding company, not direct equity in the VIEs. That is Li Auto’s disclosed structure, not a description of every Chinese EV maker; check the specific issuer’s latest filing.
2. How do VIEs, regulation and cash movement affect the structure?
Use the corporate-structure chart and risk disclosures in the issuer’s filings to trace the public parent, its PRC subsidiaries, any variable interest entities (VIEs), and the contractual links between them. For each VIE, identify which business activities depend on the contracts and which entity holds the relevant licences, assets or operating relationships.
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VIE arrangements can create a gap between contractual control and ownership of the operating business. The U.S.-China Economic and Security Review Commission (USCC) describes this general concern and notes that VIE contract enforceability has not been tested in Chinese courts. Its report is policy context for U.S.-listed Chinese companies, not proof of any one EV issuer’s structure or legal outcome.
Check the company’s disclosures on foreign-investment restrictions, China Securities Regulatory Commission (CSRC) overseas-offering filings, cybersecurity review, data rules and other permissions. Separate approvals or filings the company says it has already obtained from warnings about requirements that might apply to future financing or operations. Li Auto’s 2025 filing discusses possible CSRC or cybersecurity review requirements for future capital-markets activity and the risk of delay or unavailability. Those are company-disclosed risks, not a prediction that a particular review will occur.
Then follow the money. Find out how the offshore parent receives funds from PRC subsidiaries and VIEs, and whether cash is restricted or subject to approvals, taxes or other limits before it can be remitted. XPeng’s 2024 filing, an older peer example, describes reliance on dividends from PRC subsidiaries and service fees from VIEs for parent-level obligations. Do not assume that cash reported on a consolidated balance sheet is all freely available to the listed parent.
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The USCC report’s scale figures are broad context only: its report, last updated March 7, 2025, counted 159 Chinese companies using VIEs on the three major U.S. exchanges and said they represented US$1 trillion, or 91 percent, of the market capitalization of Chinese firms listed on those exchanges. Those figures are neither EV-company counts nor current market measurements.
3. Can the auditor’s work be inspected, and what is the HFCAA status?
Find the auditor named in the issuer’s latest annual filing. Check current Public Company Accounting Oversight Board (PCAOB) inspection access and the SEC’s Commission-Identified Issuer lists for that company. Record the date of the status check: access and issuer status can change.
The Holding Foreign Companies Accountable Act (HFCAA) does not mean every Chinese issuer currently faces an automatic U.S. trading ban. Li Auto’s 2025 Form 20-F says the PCAOB’s December 2022 determination restored inspection access for mainland China and Hong Kong, while warning that a future loss of full access could lead to issuer identification and a U.S. trading prohibition after two consecutive years. The USCC also describes that two-year mechanism and the possibility that the issue could return if access is obstructed. Verify the latest PCAOB and SEC status rather than treating a past determination as permanent.
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4. Is the company financially resilient, and where is its cash?
Build a multi-period view from audited annual statements and interim reports. One strong quarter or a rising delivery count cannot establish financial resilience. Track the following together:
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- Profitability: revenue growth, gross margin and operating margin.
- Cash generation: operating cash flow, capital expenditure and whether cash generation is improving alongside growth.
- Liquidity and obligations: cash and short-term investments, debt, lease obligations and upcoming maturities.
- Working capital: inventory and receivables, including whether they are growing faster than sales.
- Shareholder dilution: share-based compensation, new share issuance and the fully diluted share count.
- Cash access: which entities hold liquidity, whether it is restricted, and what approvals or taxes could affect transfers to the parent.
Compare cash burn with available liquidity and near-term obligations; there is no universal cash threshold established here that works for every issuer. Use the company’s filings as primary evidence, and keep the distinction between consolidated cash and cash accessible to the listed parent visible in your analysis. The available disclosures do not establish a current, comparable cash or profitability ranking across Chinese EV makers.
5. Do vehicle sales translate into durable economics?
Deliveries are useful, but they are not a complete measure of business quality. Track deliveries by model and geography, and compare them with the financial and operating indicators the company reports:
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- Average selling price or product mix, if disclosed.
- Gross margin, warranty costs and inventory.
- Factory utilization and the cost of adding capacity.
- New-model cadence and whether launches sustain demand without relying only on discounts.
- Recurring service revenue and its contribution to the business.
Ask whether volume growth is producing sustainable margins and cash generation. Compare price positioning, product refreshes, distribution, manufacturing scale and technology claims with relevant Chinese and foreign competitors. Separate company-reported deliveries from independently validated retail demand; they are not necessarily the same measure.
Competition is a material issuer-disclosed risk: Li Auto’s 2025 and NIO’s 2025 filings both describe intense competition in China’s automotive market, including pressure from established automakers, new entrants and product or pricing competition. Those disclosures flag the risk but do not substitute for a like-for-like peer comparison.
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Refresh the share price and exchange rate immediately before making a decision; neither current prices nor current valuation multiples are established here. Use the fully diluted share count to calculate market value, and adjust for cash and debt when comparing enterprise value. Revenue or earnings multiples may help where earnings are meaningful, but a loss-making company cannot be compared fairly on a positive earnings multiple alone. Compare peers with different business models cautiously and account for dilution.
Value the exact line you can trade. Check its ADS ratio, ordinary-share class, currency, market hours, liquidity and custody access. U.S. and Hong Kong listings should not be assumed to be interchangeable: confirm the security terms and the practical ability to buy, hold and sell the line available to you. A price difference between listings, if present, should be considered alongside currency conversion and trading access, not treated as a free-standing comparison.
How to use the checklist
- Identify the ticker, legal issuer, listing venue, share class and depositary-share terms.
- Read the issuer’s latest annual filing and interim reports; use dated peer filings only as examples, not substitutes for the target company’s disclosures.
- Map the ownership and contractual structure, regulatory dependencies and routes by which cash reaches the listed parent.
- Check the named auditor’s current PCAOB inspection status and the issuer’s current SEC HFCAA status.
- Compare several reporting periods of margins, cash flow, liquidity, obligations, working capital and dilution.
- Test deliveries against unit economics, product execution and competition, then refresh valuation, foreign exchange and listing details for the exact security.
Company filings are issuer statements, not independent verification of every claim. Recheck volatile facts—including prices, delivery figures, margins, audit access, listing mechanics and applicable PRC requirements—against current records before acting.
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