Chinese EV maker Xpeng to list on Hong Kong Stock Exchange

REUTERS/Tingshu Wang/Files

Chinese electric-vehicle maker Xpeng Inc said on Thursday it was looking to list its common shares on the Hong Kong Stock Exchange as part of a global offering to raise as much as $2 billion.

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.

It sells mainly in China, the world’s biggest car market, where it competes with Tesla Inc and Nio Inc.

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.

Reuters 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.