Tesla’s rival, Xpeng Motors got approval for an IPO in Hong Kong, which could yield between $1 to $2 billion as the electric vehicle industry becomes competitive.
XPEV gains +5.95%
Xpeng will engage in a dual primary listing, different from the secondary listings of the other Chinese giants, such as Alibaba, in Hong Kong.
The EV maker will be part of the “Stock Connect” program that allows Chinese investors to purchase shares in the company.
The U.S.-China conflicts continue to challenge companies listing in the U.S. Wall Street. The SEC implemented rules imposing restrictive auditing provisions on foreign companies listed in the United States.
Xpeng delivered 5,686 cars in May, a 483% increase and a 10% over a month, which is a faster rate than April.