Chinese Tesla rival Xpeng to raise up to $2 billion from Hong Kong listing
Xpeng will issue 85 million Class A ordinary shares at a price of no more than 180 Hong Kong dollars ($23.19) each for its dual-primary listing.
Key PointsChinese electric carmaker Xpeng will raise up to nearly $2 billion in a Hong Kong listing.Xpeng will issue 85 million Class A ordinary shares at a price of no more than 180 Hong Kong dollars ($23.19) each. A final offer price will be set on or around Jun. 30.
Xpeng is doing what's called a dual-primary listing, meaning it will be subject to the rules and oversight of both U.S. and Hong Kong regulators, which isn't the case with a secondary listing.In this articleA Xpeng P7 electric car is on display during the 18th Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 20, 2020 in Guangzhou, Guangdong Province of China.
VCG | Visual China Group | Getty ImagesGUANGZHOU, China — Chinese electric carmaker Xpeng will raise up to nearly $2 billion in a Hong Kong listing.The Guangzhou-based company said on Thursday it will issue 85 million Class A ordinary shares at a price of no more than 180 Hong Kong dollars ($23.19) each. A final offer price will be set on or around Jun. 30. headtopics.com
At the maximum offer price, Xpeng would raise 15.3 billion Hong Kong dollars ($1.97 billion) before related costs such as underwriting fees.CNBC reported earlier this weekthat Xpeng is looking to raise between $1 billion and $2 billion.Xpeng is already listed in New York. Its share offering in Hong Kong is unusual because it's not a secondary listing, as companies including Alibaba and JD.com have done. A secondary listing is when a company already has a main listing location such as the United States, and it then sells shares on another exchange.Read more: CNBC »
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