XPENG Motors Held Dual Listing Hong Kong IPO
BEIJING, July 7 – Nasdaq-listed smart electric vehicle maker Xpeng Inc.’s stock began trading on the Hong Kong Exchanges and Clearing (HKEX) today, under the stock code “9868”, making it the first EV producer to complete a dual primary listing in the United States and Hong Kong.
Xpeng issued 85 million Class A ordinary shares at a price of 165 HKD each, raising 14.02 billion HKD. The proceeds will help expand its product portfolio, technology development and speed up its international expansion.
The dual primary listing allows qualified Chinese investors to take part through the Stock Connect regime linking the mainland Chinese and Hong Kong markets, according to the exchange’s rules, which isn’t the case with a secondary listing.
As the lead backer in Xpeng’s Series B+ round, Primavera Capital Group remained a major investor in its Series C round, demonstrating its great confidence in the company’s long-term strategy and vision as a leading Smart EV player in China.
“When I first met Xiaopeng He, the founder and CEO of the company, I was struck by his entrepreneurial passion. He has worked so hard to make Xpeng a dream come true that he is now one of the rarefied individuals to be called a successful serial entrepreneur,” said Primavera’s founder Fred Hu at HKEX. “Although at the time we invested in Xpeng, this emerging industry was headed for a slew of challenges, we stood firmly with them and shared the same vision that advanced internet, artificial intelligence and new energy are the key drivers in reshaping the automotive industry and our future transportation.”
According to IHS Markit, as of Jun 18, 2021, Xpeng is the only automotive company based in China that develops full-stack autonomous driving software encompassing localization and high definition map fusion, perception algorithm and sensor fusion, behavior planning, motion planning and control in house and has deployed such software on mass-produced vehicles.
“Primavera will continue to being a significant driver and responsible investor in partnering with visionary entrepreneurs to promote global carbon neutrality transformation and create positive value for our environment and society,” Fred said.