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Xpeng closes lower after Alibaba unit sells 33M shares

Published 03/20/2024, 04:40 PM
Updated 03/20/2024, 04:40 PM
© Reuters -- Xpeng shares closed lower Wednesday after an Alibaba (NYSE:BABA) subsidiary cut its stake China-based electric-vehicle maker, the company said in a regulatory filing. 

Xpeng Inc (NYSE:XPEV) closed more than 3% lower. 

Taobao China Holding Ltd., an Alibaba subsidiary, plans to sell 33 million American depositary shares of Xpeng. The offering was priced at $9.60 each, Bloomberg reported Wednesday, citing unnamed sources. This was at the low end of the offering, which was marketed at $9.60 to $9.75 each, the source told Bloomberg.



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