Chinese automaker Xpeng seeks US$1.5b on NYSE
Chinese automaker Xpeng aims to raise US$1.5 billion in an initial public offering on the New York Stock Exchange, the company said yesterday.
The electric car manufacturer will sell 99.7 million American Depositary Shares at an offering price of US$15 each. The level is higher than its previous range of US$11 to US$13 per share due to strong demand for the offering. Each ADS is worth two shares of Xpeng’s common stock.
The shares began trading under the symbol “XPEV,” and the offering is expected to close on Monday, subject to customary closing conditions.
Xpeng’s listing is a further indication that Chinese new-energy vehicle startups have a promising future and that industry has great potential for further growth.
Han Yan, founding partner of Lightspeed China Partners that funded in the round of A+ financing of XPeng, said the listing is an important milestone for Xpeng and the company is optimistic about its future development.
Han said the “Chinese auto industry is undergoing transformation on smart electric vehicle and the sector has great potential for further growth.”
The startup, established in 2015, designs, develops, manufactures and sells electric vehicles that appeal to the large and growing base of tech-savvy middle-class consumers in China.
Xpeng has offices in Shanghai, Beijing, Guangzhou, as well as Silicon Valley and San Diego in the US. Its smart electric vehicles are manufactured at plants in Zhaoqing in Guangdong Province and Zhengzhou in Henan Province.
China began issuing permits allowing non-traditional automakers to manufacture electric cars in 2015, as part of a national policy to encourage non-polluting cars and help reduce smog in major cities.
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