Shares of Xpeng China EV founder to open 1.8% in Hong Kong premiere Reuters
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© Reuters. PHOTO OF THE FILE: XPeng’s electric vehicle (EV) was unveiled on P7 Media Day for a car show in Shanghai, China on April 16, 2019. REUTERS / Aly Song / File Photo
(Reuters) – Shares of Chinese electric vehicle (EV) maker Xpeng Inc will open 1.8% from the initial public offering (IPO) price of the company in Hong Kong’s first double listing on Wednesday.
The share will open for HK $ 168 per share, against an IPO price of HK $ 165. The percentage jump would be compared to the benchmark 1.1% drop and the 1.2% Hang Seng China Enterprises Index.
Shares of New York’s American Depository (ADS) in Xpeng rose 0.7% on Tuesday’s late $ 44.05 per share. An ADS is the equivalent of two shares in Hong Kong.
The company raised $ 1.8 billion in a deal that ended last week by selling 85 million shares.
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