He Xiaopeng, chairman and co-founder of XPeng. Photographer: Qilai Shen/Bloomberg
© 2021 Bloomberg Finance LP
XPeng, one of China’s upstart yet money-losing EV makers, aims to raise nearly $2 billion in a secondary listing at the Hong Kong Stock Exchange, according to a filing today.
The company, led by Chinese billionaire He Xiaopeng, is selling 85 million shares at a maximum price of HK$180 each.
Alibaba-backed XPeng went public in New York last year, listing at $15 each a share; its stock closed at $40.95 today. Click here for an earlier profile of He, who holds a fortune worth $8 billion, according to the Forbes Real-Time Billionaires List.
Chinese companies including Baidu and NetEase that went first public listed in the U.S. have been looking to list in Hong Kong to get closer to domestic investors and obtain a second listing amid uncertainties regarding disclosure rules for Chinese businesses that trade in New York or on the Nasdaq. (See related post here.)
XPeng lost $120 million in the first quarter on revenue of $450 million. It plans to used funds raised in Hong Kong mostly to expand its product line and develop new technology.
See related posts:
No Frog In A Well: Alibaba-Backed XPeng Founder Talks About Entrepreneurism, EVs
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