Successful middle of the week for XPeng; shares surge
XPeng Hong Kong-listed shares have been included in a trading link to mainland China – Shenzhen-Hong Kong Stock Connect.
The Shenzhen-Hong Kong Stock Connect was launched in 2016 to make it easier for international investors to trade Chinese mainland-listed stocks and investors in China’s mainland to buy and sell Hong Kong-listed shares.
According to Brian Gu, president of XPeng, “the inclusion will not only further expand and diversify our investor base but also provide the opportunity for our customers, partners, and EV and technology investors in China to participate in our exciting growth story." It is the first smart EV company to be included in the Stock Connect program.
Since its 2020 US IPO, XPeng has been trying to expand its investor base. A year later, in 2021, it carried out a dual-primary listing in Hong Kong. The company is looking for investors at a time when the country’s EV market is expanding.
XPeng is trying to keep up with the market and its competitors and launched new models, the latest being in November – a sports utility vehicle.
At the moment of writing, XPeng Hong Kong-listed shares were trading 8% higher.
Sources: cnbc.com, finance.yahoo.com