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.
China’s Xpeng Motors shares pop 40% in bumper New York IPO
Hong Kong (CNN Business)Xpeng Motors soared more than 40% in its debut on the New York Stock Exchange on Thursday.
https://edition.cnn.com/2020/08/27/investing/xpeng-ipo-price-hnk-intl/index.html
Founded in 2015, Xpeng is based in Guangzhou and also has an office in Silicon Valley. It’s not the only Chinese electric automaker courting investors in the United States. Li Auto went public on the Nasdaq last month. And shares of Nio (NIO), which once positioned itself as China’s “Tesla killer,” have spiked 408% in New York so far this year, according to data from Refinitiv. Xpeng is part of a crowded field of electric vehicle makers in China, the world’s largest auto market. The American carmaker Tesla (TSLA) recently upped its game in the country by slashing prices for… Read more »