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Xpeng Inc (NYSE:XPEV) fetched significant inflows on the first day of inclusion in a stock connect program linking the Hong Kong stock market and Chinese mainland investors.
What Happened: Xpeng received inflows worth about $98.5 million (HK$765 million) of turnover by mainland Chinese investors through the stock connect mechanism, cnEVpost reported.
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The development left Xpeng the eighth most traded stock in the Hong Kong-Mainland Stock Connect and the most net bought stock by mainland investors in the Hong Kong-Shenzhen Stock Connect on Thursday.
Why It Matters: The stock linking mechanism is aimed at allowing investors from Hong Kong and mainland China to buy stocks in the other region.
The Guangzhou, China-based Xpeng is seen as a rival to global EV leader Tesla Inc (NASDAQ: TSLA) and homegrown startup Nio Inc (NYSE: NIO).
Xpeng enjoys a dual-primary listing status; it debuted on the Main Board of the HKEX on July 7 last year and began trading on the New York Stock Exchange in August 2020.
Price Action: Xpeng shares closed 9.6% higher at $40.7 a share on Wednesday. The stock is down 19% year-to-date.
Photo: Courtesy of Xpeng
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.