XPeng Inc. rings opening bell on HKEX

Shanghai (Gasgoo)- XPeng Inc.'s stock began trading on the Hong Kong Exchanges and Clearing (HKEX) on July 7, under the stock code "9868".

The company issued 85 million Class A ordinary shares at a price of HK$165 each. Those shares rose 1.8% to HK$168 in opening trade.

Photo credit: XPeng Inc.

The surprise debut made XPeng the first smart electric vehicle manufacturer that went public on both NYSE (the New York Stock Exchange) and HKEX within one year, said Li Pengcheng, vice president of XPeng.

XPeng announced on June 30 the pricing of the global offering of 85 million shares which comprises an international offering and a Hong Kong public offering, expecting to raise HK$14 billion ($1.8 billion). The company plans to use the net proceeds from the global offering for expansion of its product portfolio and development of more advanced technology; acceleration of its business expansion, by enhancing brand recognition, acquiring customers through omni-channel marketing strategies and expanding its sales and service touch points both domestically and internationally; enhancement of production capability, including expansion of capacity, upgrade of manufacturing facilities and development of manufacturing technologies; and general corporate purposes, including working capital needs.

The Guangzhou-based carmaker is regarded as one of top three rivals to Tesla in the Chinese market. For the first half of 2021, XPeng delivered 30,738 new vehicles, representing a 459% year-on-year hike. Its deliveries for June set a monthly record, at 6,565 vehicles, consisting of 4,730 P7 sedans and 1,835 G3 SUVs.