New York-traded electric-vehicle maker Xpeng Inc. is looking to raise as much as $1.97 billion for a listing in Hong Kong, putting it on track to be the first Chinese EV producer to complete a so-called homecoming share sale.
Xpeng is selling 85 million shares in the offering and set a maximum price of HK$180 for the portion reserved for Hong Kong investors, according to a filing with the U.S. Securities and Exchange Commission. That’s a premium of about 11% to Wednesday’s closing price of $41.61 of Xpeng’s American depositary receipts. One ADR is equivalent to two ordinary shares.
