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Xpeng Motors’s Listing Approved By Hong Kong Stock Exchange

Xpeng Motors has been approved by the Hong Kong Stock Exchange for its listing, with a financing scale of US $2 billion.

On March 9 this year, a source disclosed that China’s electric vehicle companies NIO, LiAuto and Xpeng, which have been listed in the United States, are discussing with several banks to issue shares in Hong Kong. They plan to list in Hong Kong as early as this year. Among them, it is reported that Xpeng Motors has planned to cooperate with Bank of America and JPMorgan Chase.

The three Chinese electric vehicle manufacturers aim to sell at least 5 percent of their expanded equity in Hong Kong. By the market value of the three companies at that time, the total proceeds from the sale may be about $5 billion.

According to the provisions of the Hong Kong Stock Exchange, companies need to meet some hard requirements for a secondary listing in Hong Kong. First of all, the requirement of company industry is innovation industry; Secondly, the company must have a good regulatory compliance record of at least two years in another qualified exchange; Thirdly, the market value is at least HK $40 billion, or the market value is more than HK $10 billion and the revenue is more than HK $1 billion.

As of June 22, Xpeng Motors’s US stock closed at US $39.99, with a market value of US $30.7 billion. In the first quarter of this year, 13340 vehicles were delivered, and the cumulative sales in the first five months reached 24173, up 427% year on year.

We can see from the first quarter financial report of Xpeng Motors, the total revenue of Xpeng Motors in the first quarter was 2.951 billion yuan, an increase of 616.1% over the same period last year. Among them, thanks to the improvement of new car delivery, Xpeng’s sales revenue reached 2.810 billion yuan, an increase of 655.2% over the same period last year. In addition, the company confirmed the revenue of automatic driving software of 80 million yuan for the first time.

In terms of vehicle performance, Xpeng recently updated 2.6.0 In addition, new functions such as VPA parking lot memory parking (test version) are added, and functions such as NGP automatic navigation assisted driving and all voice vehicle system are optimized and upgraded.

The notice chart of Xpeng G3i, the medium-term model of Xpeng G3, was officially released on June 18. It is learned that the new car will be released in July and delivered in September.

At present, in response to the news of listing in Hong Kong, Xpeng Motors responded: “No Comment”.

Cheryl Fu

Cheryl is adept at capturing the most topical business news and has her own unique analysis. This is rare for a young person and she's offered up some really interesting ideas since joining FirmKnow Media.
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