Li Auto put volume heavy and directionally bearish

Bearish flow noted in Li Auto (LI) with 20,275 puts trading, or 6x expected. Most active are Jun-25 25 puts and 2/28 weekly 30 puts, with total volume in those strikes near 13,000 contracts. The Put/Call Ratio is 2.40, while ATM IV is up over 3 points on the day. Earnings are expected on March 14th.