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Tesla’s rival Xpeng prices Hong Kong IPO at HK$165 per share as electric carmaker kicks off second primary listing
- Xpeng’s offer price represents a 4.1 per cent discount to its US close on Tuesday
- Xpeng’s shares will start trading from July 7 under the stock code ‘9868’
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Xpeng, which has ambitions to rival Tesla, has priced its shares at HK$165 each, helping the Guangzhou-based start-up raise HK$14 billion (US$1.8 billion), making it the biggest dual-primary listing by a US-listed Chinese company.
The price represents a discount of about 4.1 per cent to its closing price of US$44.32 on Tuesday on the New York Stock Exchange. It is also 8.3 per cent below the maximum price of HK$180 set for the retail tranche.
This is the guidance price and it will be finalised at a meeting later on Wednesday, sources familiar with the matter said.
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Xpeng declined to comment.
02:18
Chinese XPeng electric car can drive and park by itself
Chinese XPeng electric car can drive and park by itself
Xpeng, known for its smart EVs such as its P7 sedan, is marketing 85 million shares in the Hong Kong offering. Each American depositary share will represent two shares in Hong Kong. Trading in Hong Kong is slated to start on July 7 under the stock code “9868”.
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