Following the footsteps of domestic peers Nio Inc – ADR NIO and Li Auto Inc. LI, Chinese EV maker Xpeng could reportedly begin trading in the U.S. as early as this month.
What Happened: Xpeng, which initially filed its preliminary prospectus with the SEC Aug. 7 and subsequently amended it Aug. 11, is expected to amend the prospectus further Friday with additional information, Chinese media outlet IFNews.com said, citing unnamed sources.
The size of the offering will likely be $1 billion and the ADSs could be listed Aug. 27, the report said.
When contacted by Benzinga, a company spokesperson declined to comment Thursday.
The EV maker has applied to list its ADSs on the NYSE under the ticker symbol "XPEV," according to the F-1 filing.
The company intends to use the net proceeds for R&D, marketing and other corporate purposes, according to the filing.
Why It Matters: Xpeng's U.S. listing plans come at a time when interest in alternative energy vehicles and component suppliers is on the rise. Nio, which raised $1 billion in its U.S. IPO in September 2018, has seen its shares skyrocket about 250% year-to-date.
Li Auto went public in late July by offering 95 million ADSs at $11.50 per share, raising $1.09 billion. The shares are up about 30% from their offer price.
Related Links:
Tesla Vs. Nio Vs. Xpeng: A Look At The Chinese Electric Vehicle Market
China's Nio Unveils Battery-As-A-Service, Lowering EV Ownership Costs
Photo courtesy of Xpeng.
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