On the evening of August 27, the shares of the electric vehicle brand “Xiaopeng Motors” began trading on the New York Stock Exchange under the stock code “XPEV”, the issue price was $15/ADS, and the total amount of funds raised reached $1.5 billion.
This is also the third Chinese electric vehicle startup to go public in the United States after NIO and Ideal. Due to the good response from the previous roadshow, Xiaopeng Motors has increased the issuance of new shares. Xiaopeng Motors’ products are positioned in mid-to-high-end electric vehicles, and currently there are 1 SUV and 1 sedan models on sale.
As of July 2020, Xiaopeng Motors has delivered a total of 20,707 vehicles. Before the IPO, Xiaopeng Motors raised more than US$900 million in funds from Alibaba, Hillhouse, Sequoia, GGV and other institutions. For the whole year of 2019, Xiaopeng Automobile’s revenue was 2.32 billion yuan, and the annual net loss was 3.69 billion yuan.
Xiaopeng Motors’ listing price is 15 USD/ADS (approximately RMB 103/ADS), with a total of 99.73 million American depositary shares (ADS) issued, with a pre-market value of USD 10.82 billion (approximately RMB 74.5 billion).
Xiaopeng Motors originally planned to issue 85 million ADSs at a price of US$15 per share, corresponding to a fund-raising scale of US$1.28 billion (approximately RMB 8.8 billion). Due to higher-than-expected market demand, Xiaopeng increased the issuance scale to approximately 9973 10,000 shares, with a total fundraising of 1.5 billion US dollars (approximately 10.3 billion yuan).
The founder He Xiaopeng said: Lei Jun is his dream mentor. Lei Jun told him that an Internet person can also do hardware very well. After that, Lei Jun congratulated Xiaopeng Motors on its listing, and sent a blog to wish him a great success and many friends.