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Stock impact report

Alibaba-Backed XPeng Is Latest China Electric Vehicle Maker To Eye U.S. Listing [Forbes]

Li Auto Inc. - American Depositary Shares (LI) 
Company Research Source: Forbes
China electric vehicle maker XPeng, whose investors include Internet heavyweight Alibaba Group and Beijing smartphone supplier Xiaomi, filed to go public in the United States on Friday.The move comes after the June 30 Nasdaq listing of Li Auto, which raised $1.1 billion and whose shares have soared. They closed down 8.7% on Friday at $16.89, but are still far above their $11.50 IPO price.XPeng aims to list at the New York Stock Exchange under the symbol XPEV.  Its filing said it is looking to raise $100 million, but the amount can be increased later. Its listing bid also follows U.S. stock gains by Tesla and China-based Nio, another EV maker.XPeng, headquartered in the southern Chinese city of Guangzhou, is 31% controlled by CEO He Xiaopeng, and 14% owned by Alibaba. Among its well-known investors, XPeng is 6% owned by funds associated with IDG, 4% by Morningside-related funds, and 3.8% by GGV funds. Smartphone maker Xiaomi holds a stake, and in July, XPeng raised $500 million from a Show less Read more
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