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Chinese electric vehicle maker Xpeng files for listing in Hong Kong

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The cars are on display at the stand of startup EV Xpeng at the Beijing International Automotive Exhibition, or Auto China, in Beijing, China on September 27, 2020. REUTERS / Tingshu Wang / Files

BEIJING (Reuters) – Chinese electric vehicle maker Xpeng Inc filed a dual primary listing on the Hong Kong Stock Exchange on Wednesday.

A dual primary listing is different from a secondary listing and will allow qualified Chinese investors to invest in the company through the Stock Connect regime linking the Mainland China and Hong Kong markets, in accordance with stock exchange rules.

The company’s US-listed shares rose more than 5% to $ 42.02 in pre-market trading.

Reuters announced Xpengs Hong Kong’s listing plan in March, citing people familiar with the matter. Rival Nio Inc and Li Auto have similar plans, sources said.

Xpeng, which went public in New York City last year, has a market cap of $ 32 billion. It is based in Guangzhou, southern China, and manufactures two sedan models and one sport utility vehicle model at two domestic factories.

It sells primarily to China, the world’s largest auto market, where it competes with Tesla Inc and Nio.

Led by CEO He Xiaopeng, Xpeng is developing smart car technologies, such as autonomous driving functions, with an in-house team of engineers and is planning two new auto factories in China.

Xpengs backers include Alibaba Group and Xiaomi Corp.

Sales of new energy vehicles (NEVs), including battery electric vehicles, plug-in hybrids and hydrogen fuel cells, in China are expected to increase by more than 40% per year over the next five years, according to a top head of the Chinese Association of Automobile Manufacturers. (CAAM) said last week.

Reporting by Yilei Sun and Tony Munroe; Additional reporting by Chavi Mehta in Bangalore; Editing by Clarence Fernandez, Kim Coghill and Shinjini Ganguli

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