XPeng EV launches Hong Kong global public offering

Chinese electric vehicle manufacturer XPeng Inc is launching a global public offering of new Class A ordinary shares on the main board of the Hong Kong stock exchange.

It will also continue to list and trade its American depositary shares (ADS) on the New York stock exchange (NYSE:XPEV).

The proposed listing is a dual-primary listing of the Class A ordinary shares of the company on the Hong Kong Stock Exchange. Investors in the global offering will only be able to purchase Class A ordinary shares and will not be able to take delivery of ADSs. Upon the proposed listing, the Class A ordinary shares listed on the Hong Kong Stock Exchange will be convertible with the ADSs listed on the NYSE.

The company plans to use the proceeds from the global offering for expansion of its product portfolio and development of more advanced technologies; acceleration of its business expansion, by enhancing brand recognition, acquiring customers through omni-channel marketing and expanding its sales and service touch points both domestically and internationally.

In addition the company will also use the proceeds also to enhance production capability, expand capacity, upgrade manufacturing facilities and develop manufacturing technologies; and for general corporate purposes, including working capital needs.