Xpeng Motors raises $1.5 billion in bumper New York IPO

Hong Kong (CNN Business) Xpeng Motors has raised more money than expected from its New York initial public offering despite the souring of US-China relations.

The Alibaba-backed (BABA) Chinese electric carmaker said on Thursday that it sold more than 99.7 million shares for $15 each in its Wall Street debut, raising about $1.5 billion. It had originally planned to sell 85 million shares pricedbetween $11 and $13.

Xpeng stock will begin trading on the New York Stock Exchange on Thursday, under the ticker XPEV. The IPO comes as Chinese firms listed in New York face heightened scrutiny from US officials. Earlier this month, an advisory council run by US Treasury Secretary Steven Mnuchin recommended that regulators require greater access to the accounts of Chinese firms seeking to list on US stock exchanges.

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