Close on the heels of clearing the hearing for a Hong Kong exchange listing, XPeng Inc. (NYSE:XPEV) has filed for a global equity offering.

What Happened: XPeng is offering 85 million Class A ordinary shares as part of global offering, the Chinese EV maker said in an amended F-1 filing with the SEC Thursday.

The offering, according to the company, will consist of an international offering of 80.75 million Class A shares and a Hong Kong offering of 4.25 million Class A shares.

The company said the Hong Kong offering will be priced at 161.46 Hong Kong dollars per share, with the pricing calculated based on the $41.61 per ADS price at which the company's ADSs listed on the NYSE closed Wednesday.

Each ADSs represent two Class A shares, and an exchange rate of 7.7604 Hong Kong dollars per $1 was used, the company said.

Related Link: Why This Nio, Xpeng Analyst Is Bullish After Q1 EV Delivery Updates

XPeng said it will determine the offer price for both the international offering and the Hong Kong public offering based on the closing price of the ADSs on the last trading day before the pricing of the global offering, which is expected to be on or about June 30.

The maximum offer price for the Hong Kong public offering is 180 Hong Kong dollars per share, the company added.

XPeng said it expects to receive net proceeds of about $1.94 billion from the global offering, and $2.23 billion if underwriters exercise their option to cover overallotment.

The company expects to use 45% of the net proceeds for expansion of production portfolio and development of more advanced technology, 35% to accelerate its business, 10% to enhance production capability and the remaining 10% for general corporate purposes.

Why It's Important: XPeng is operating in a capital-intensive industry where multiple players are vying for a piece of cake in a lucrative market. Apart from the P7 EV sedan and G3 SUVs and the variants the company currently sells, it recently announced a third model, the P5.

The company has recently started monetizing its software following the introduction of its proprietary advanced driver assistance system called Xpilot 3.0 earlier this year.

XPeng announced in April it has entered into a cooperation agreement with the city of Wuhan in China's Hubei province to build an EV manufacturing base in the city.

The additional finances the company is raising will come in handy for improving its positioning in the industry, which is facing intensifying competition.

At last check, XPeng shares were trading down 2.12% Thursday at $40.69.

Related Link: Nio Vs. XPeng: How Chinese EV Duo's May Deliveries Stack Up

Photo: courtesy of XPeng.