Meituan’s Billionaire Co-Founder Trims Li Auto Stake in $53 Million Sale

What’s new: Wang Xing, the billionaire co-founder of internet giant Meituan, has cashed in a total of about HK$420 million ($53.3 million) by selling some of his holdings in Chinese electric-vehicle (EV) maker Li Auto Inc. last month, according to filings on the Hong Kong Stock Exchange.

Wang offloaded close to HK$310 million worth of Li Auto’s Hong Kong-traded shares six times from March 21 to March 30 and around $14 million worth of the firm’s American depositary shares three times between March 20 and March 22, the filings show.