Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Chinese EV Maker Xpeng Shares Fluctuate in Hong Kong Debut

Stock Markets Jul 07, 2021 12:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Doris Yu

Investing.com – Shares of Chinese electric vehicle (EV) maker Xpeng Inc. (HK:9868) fluctuated in its debut on the Hong Kong Stock Exchnge on Wednesday.

Xpeng's Hong Kong shares held steady at HK$163.6 ($21.06) by 11:50 PM ET (3:50 AM GMT), after they opened up 1.8% from their initial public offering (IPO) price.

The EV company raised $1.8 billion by selling 85 million shares at HK$165 apiece in its secondary listing in Hong Kong. Previously, it raised $1.5 billion in its U.S. IPO in August 2020.

Its Hong Kong debut comes as China’s regulator is tightening oversight of data security and overseas listings. Chinese ride-hailing giant Didi Chuxing, the Chinese version of Uber (NYSE:UBER), was removed from the app stores earlier this week just days after its U.S. IPO.

“China’s regulatory probe of Didi Chuxing may put tech-savvy automakers on alert that the gathering and analytics of vehicle operating data, which could become their next big source of profits, will fall under stricter government oversight,” Bloomberg Intelligence analysts Steve Man and Joanna Chen said in a note.

Xpeng is the first EV company to finish a so-called homecoming IPO. Apart from Xpeng, other U.S.-listed Chinese EV makers, including Nio Inc. (NYSE:NIO) and Li Auto Inc. (NASDAQ:LI), are also reportedly planning to go public in Hong Kong.

“As a China consumer brand, we want to have our customers ultimately be our shareholders as well, so coming to Hong Kong gives an opportunity to achieve that goal,” Xpeng President Brian Gu told Bloomberg. It also gives “us direct access to China-based investors, which are important for us in the long run,” he added.

XPeng is still loss-making but aims to break even by late 2023 or early 2024.

Chinese EV Maker Xpeng Shares Fluctuate in Hong Kong Debut
 

Related Articles

Novartis to cut up to 8,000 jobs globally
Novartis to cut up to 8,000 jobs globally By Reuters - Jun 28, 2022

ZURICH (Reuters) -Novartis said on Tuesday a previously announced restructuring programme could lead to 8,000 jobs being cut, or about 7.4% of its global workforce, including up...

Fortinet Upgraded by BMO Capital on Durable Growth
Fortinet Upgraded by BMO Capital on Durable Growth By Investing.com - Jun 28, 2022

By Sam Boughedda BMO Capital analyst Keith Bachman upgraded Fortinet (NASDAQ:FTNT) to Outperform from Market Perform on Tuesday. The analyst raised the firm's price target on the...

Germany stocks mixed at close of trade; DAX up 0.35%
Germany stocks mixed at close of trade; DAX up 0.35% By Investing.com - Jun 28, 2022

Investing.com – Germany stocks were mixed after the close on Tuesday, as gains in the Utilities, Insurance and Food & Beverages sectors led shares higher while losses in the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Oskar Al
Oskar Al Jul 07, 2021 12:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Help EV makers not fight. Save planet.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email