Alibaba-Backed China EV Maker XPeng Seeks Nearly $2 Billion In Secondary Hong Kong Listing

According to a filing, XPeng is one of China’s most innovative but financially troubled EV manufacturers.

Xiaopeng is the Chinese billionaire who runs the company. The maximum price for each share is HK$180.

XPeng, an Alibaba-backed company, went public last year in New York. It was listed at $15 per share. The stock closed today at $40.95. Click here to see an earlier profile about He, estimated to have a fortune of $8 billion according to the Forbes Real-Time Billionaires List.

Chinese companies such as Baidu and NetEase, which were first publicly listed in the U.S., have sought to list in Hong Kong to reach domestic investors and get a second listing.

However, there are uncertainties about disclosure rules for Chinese companies that trade on the Nasdaq or New York.

XPeng’s first-quarter revenue was $450 million, and it lost $120 million. It intends to use funds raised in Hong Kong to expand its product range and develop new technology.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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