Chinese language electrical automobile maker Xpeng Inc. (NYSE: XPEV) is about to boost $1.8 billion in its Hong Kong itemizing, Reuters reported Tuesday, citing two folks with direct data of the matter.
What Occurred: Xpeng is pricing its shares at HK$165 ($21.25) every as a part of its Hong Kong twin main itemizing, the report famous. It was reported final week that Xpeng might elevate as a lot as $2 billion from the Hong Kong itemizing.
The corporate offered 85 million shares within the providing and has set a most worth of HK$180 ($23.19) per share for retail traders, as per the report.
Xpeng’s one American Depositary Receipt (ADR) is equal to 2 peculiar shares.
See Additionally: Nio Inventory Extends Rally: What’s Going On?
Why It Issues: Xpeng’s itemizing in Hong Kong is a twin main one and never a secondary itemizing as the corporate doesn’t fulfill the two-year itemizing observe document required for it to pursue a secondary itemizing within the Asian monetary hub. The corporate went public in New York solely final yr.
It was reported in March that the Chinese language EV trio of Xpeng, Nio Inc. (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) has employed funding advisors for his or her Hong Kong IPOs. Xpeng is now on observe to be the primary among the many three EV producers to finish a dual-listing in Hong Kong.
Chinese language firms which might be listed within the U.S. are pursuing an inventory in Hong Kong with a purpose to broaden their investor base nearer to dwelling. Moreover, it can assist to take away the overhang of a U.S. regulatory clampdown on U.S.-listed Chinese language firms.
Value Motion: Xpeng shares closed nearly 2.2% decrease in Tuesday’s buying and selling session at $44.32.
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