After the proposed listing, Xpeng‘s Class A ordinary shares in Hong Kong will be convertible with its American depositary shares (ADS) that are currently listed on the New York Stock Exchange.
The Hong Kong float of 4.25 million shares, to be priced at not more than HK$180 apiece, forms a part of the company’s global offering of 85 million shares, Xpeng said.
The offering includes 95% for institutional investors and 5% for Hong Kong retail investors. Shares of New York listed Xpeng, which has a market capitalisation of $33 billion, fell 2% on Thursday.
Led by Chief Executive Officer He Xiaopeng, Xpeng is developing smart-car technologies, such as autonomous driving functions, with an in-house team of engineers.
Investors in the global offering will not be able to take delivery of ADSs listed on the NYSE, the company said.
Xpeng will be listed on the Hong Kong Stock Exchange under the stock code “9868”.
J.P. Morgan Securities and Merrill Lynch are the joint sponsors of the listing.