97

<97>

Xpeng said Thursday it was launching its Hong Kong public offering as the Chinese electric vehicle maker looks to raise as much as $1.97 billion.

a car parked on the side of a building: Xpeng Targets $1.97 Billion Raise in Hong Kong Public Offering © TheStreet Xpeng Targets $1.97 Billion Raise in Hong Kong Public Offering

Shares of the Guangzhou-based company were down 1.8% to $40.87 on Thursday. They are down 4.6% year-to-date, compared to a 13.7% rise for the S&P 500.

Loading...

Load Error

Xpeng said it is selling 85 million shares in the offering and set a maximum price of HK$180 ($23.18) for the portion reserved for Hong Kong investors.

"China is the largest automotive market in the world, in which over 18.4 million, out of 19.7 million of the passenger vehicles sold in 2020 are powered by internal combustion engines, or ICE vehicles," the company said in its filing, citing IHS Markit.

"We intend to empower consumers with our differentiated Smart EVs that can offer disruptive mobility experiences," the company said in the filing. "We believe this can be achieved by fast iteration of software and seamless integration with hardware, which enable us to lead the innovation of Smart EV technologies and provide differentiated Smart EV products to consumers."

Xpeng's announcement came after the listing committee of the Hong Kong Stock Exchange approved the Chinese electric vehicle maker for a dual primary listing in the city.

The deal puts Xpeng farthest along among the three U.S.-listed Chinese EV makers aiming for a dual listing. Nio and Li Auto are also planning to list in Hong Kong, Bloomberg reported, adding that Xpeng has yet to turn a profit, but has pledged to break even by late 2023 or 2024.

Xpeng went public in August in the largest initial public offering by a Chinese electric vehicle start-up in the U.S.

In May, Xpeng posted stronger-than-expected first-quarter results, including a sevenfold surge in revenue.

Earlier this month, Nio revealed that "Gemini" is the code name for a new high-end electric vehicle lineup to be launched next year. In May, Li Auto reported a surge in first-quarter revenue.

This article was originally published by TheStreet

Source : https://www.msn.com/en-us/finance/companies/xpeng-targets-24197-billion-raise-in-hong-kong-public-offering/ar-AALoJkf

586
HOT 97 Summer Jam Turns Up the Heat Announcing the Hottest Names In Hip Hop!

Source:Benzinga.com

HOT 97 Summer Jam Turns Up the Heat Announcing the Hottest Names In Hip Hop!