If I enter the following in HTML view:
<ul>
   <li>Niels </li>
   <li>Allan </li>
   <li>Lars </li>
   <li>Nikolaj </li>
</ul>

Switch to Normal view and back to HTML view, I get:

<ul>
<li>Niels
<li>Allan
<li>Lars
<li>Nikolaj </li></ul>

Is this a bug in IE or in CuteEditor?