BEIJING, June 23 (Reuters) – Chinese language electrical automobile maker Xpeng Inc (XPEV.N) filed for a twin major itemizing on the Hong Kong Inventory Change on Wednesday.
A twin major itemizing is totally different from secondary itemizing and can enable certified Chinese language traders to spend money on the corporate by means of the Inventory Join regime linking mainland Chinese language and Hong Kong markets, in response to the alternate’s guidelines.
U.S.-listed shares of the corporate rose greater than 5% to $42.02 in premarket buying and selling.
Xpeng, which went public in New York final 12 months, has a market capitalisation of $32 billion. It’s primarily based within the Chinese language southern metropolis of Guangzhou, and makes two sedan fashions and one sport-utility automobile mannequin at two home factories.
It sells primarily in China, the world’s greatest automotive market, the place it competes with Tesla Inc (TSLA.O) and Nio.
Led by Chief Government Officer He Xiaopeng, Xpeng is creating good automotive applied sciences, corresponding to autonomous driving features, with an in-house workforce of engineers and plans two new automotive crops in China.
Gross sales of recent vitality automobile (NEV), together with battery electrical, plug-in hybrid and hydrogen gasoline cell autos, in China are anticipated to develop greater than 40% yearly for the subsequent 5 years, a senior official on the China Affiliation of Car Producers (CAAM) stated final week.
Reporting by Yilei Solar and Tony Munroe; Modifying by Clarence Fernandez
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