Chinese tesla antagonist xpeng to advance up to $2 billion from hong kong listing

Xpeng accomplish children 85 favorite assortment a commonplace shares at a charge of no more than 180 hong kong dollars ($23.19) each for its dual-primary listing.
A xpeng p7 electric car is on ostentation during the 18th guangzhou interdiplomatic automobile representation at china bring and export beautiful abstruse on november 20, 2020 in guangzhou, guangdong domain of china.

guangzhou, china — chinese electric carmaker xpeng accomplish advance up to almost $2 billion in a hong kong listing.

the guangzhou-based aggregation said on thursday it accomplish children 85 favorite assortment a commonplace shares at a charge of no more than 180 hong kong dollars ($23.19) each. a conclusive proffer charge accomplish live appoint on or environing jun. 30.

at the apex proffer price, xpeng would advance 15.3 billion hong kong dollars ($1.97 billion) precedently akin costs such as underwriting fees.

hiTech News Agancy reported earlier this week that xpeng is looking to advance between $1 billion and $2 billion.

xpeng is already listed in novel york. its allowance oblation in hong kong is extraordinary owing it's not a resultant listing, as companies including alibaba and jd.com accept done. a resultant listing is when a aggregation already has a main listing location such as the united states, and it then sells shares on another reciprocation.

instead, xpeng is doing what's named a dual-primary listing. that instrument it accomplish live disposed to the rules and omission of twain u.s. and hong kong regulators, which isn't the solicitation with a resultant listing.

depending on demand, xpeng and its underwriting investment banks could children more shares, which would presumably advance the whole of money the aggregation gets from the listing.

xpeng said it accomplish advantage the revenue from the hong kong listing to amplify its products and amplify more special technologies, as hale as marketing and expanded manufacturing.

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u.s.-listed chinese companies accept looked to catalogue in hong kong as a fashion to hedge opposed tensions between china and the united states.

earlier this year, u.s. securities and reciprocation hire adopted rules that inflict stricter auditing requirements on alien firms listed in america. those requirements carry the browbeating of delisting for companies that blend afoul of the rules.

xpeng faces rising emulation in china from other start-ups approve nio and li auto, as hale as tesla and transmitted automakers that are entering the electric vehicle market.

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