Shares of Chinese EV maker Xpeng fell on Hong Kong debut- PingWest
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Shares of Chinese EV maker Xpeng fell on Hong Kong debut
3 hours agoWednesday, The Chinese electric vehicle maker Xpeng closed the first day negative on the Hong Kong stock market with the stock price 1.5% below its listing price.
Details
Xpeng issued 85 million Class A ordinary shares at HK$165. The shares opened at HK$168, a 1.8% raise, but fell to HK$162.50 when the day is called.
It's another Chinese tech company to dual-list. The electric carmaker already went public in the US last year.
Xpeng raised gross proceeds of HK$14.02 billion ($1.8 billion) on the first day of trading.
Context
US-listed Chinese companies now tend to move to Hong Kong to protect their interest in between the geopolitical tensions of China and the US.
Earlier this year, the US Securities and Exchange Commission adopted rules that impose stricter auditing requirements on foreign firms to be listed in the US. Those requirements carry the threat of delisting for companies that run afoul of the rules.
Chinese authorities also tighten regulations on Chinese firms listed in the US. On Tuesday, Beijing said it would strengthen supervision of overseas listing. Rules for overseas listings will be revised to keeping their data secure on par with national security guidelines.
Xpeng delivered 6,565 vehicles in June, a year-on-year increase of 617%, a record high. In the second quarter of 2021, the Alibaba-backed company delivered 17,398 vehicles, a year-on-year increase of 439%.
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