Leidi Net Lotte reported on June 24
Smart electric vehicle company Xiaopeng Motors (NYSE: XPEV) today announced the launch of the Hong Kong public offering plan and the company’s Class A common stock listing plan (recommended listing) on the main board of the Hong Kong Stock Exchange (stock code: 9868). The Hong Kong Public Offering forms part of the global offering of 85,000,000 Class A common shares (“Offer Shares” or “Shares”) of the company.
Xiaopeng Motors’ American Depositary Shares (each ADS represents two Class A ordinary shares) will continue to be listed and traded on the New York Stock Exchange (“NYSE”). The proposed listing is a dual listing of the company’s Class A ordinary shares on the Hong Kong Stock Exchange. During the proposed listing process, investors will only be able to purchase common stocks instead of American depositary shares. After the proposed listing, shares listed in Hong Kong will be convertible with American depositary shares listed on the NYSE.
The global offering initially includes 4,250,000 new Class A ordinary shares from the Hong Kong Public Offering and 80,750,000 new Class A ordinary shares from the International Offering (“International Offering”), accounting for 5% and 95% of the total number of shares offered in the Global Offering ( Can be redistributed and subject to the exercise of the over-allotment option). According to the level of oversubscription in the Hong Kong Public Offering and the reversal mechanism described in the prospectus, the total number of shares that can be issued under the Hong Kong Public Offering can be adjusted to a maximum of 17,000,000 new Class A ordinary shares, accounting for approximately 20% for subscription.
In addition, the company expects to grant over-allotment options to international underwriters so that the company can issue up to a total of 12,750,000 new Class A ordinary shares in the international offering, accounting for approximately 15 of the total number of initial offering shares issued in the global offering. %.
The offer price for the Hong Kong public offering will not exceed HK$180.00 per share (the “Maximum Offer Price”). The offer price (“International Offer Price”) of the international offering part of this issuance can be set higher than the highest offer price.
The company will consider other factors including the closing price of American Depositary Shares listed on the NYSE on or before the last trading day on June 30, 2021 and investor demand during the sale process, on June 30, 2021, Hong Kong time Or set the international offer price before. The final Hong Kong offer price will be the lower of the final international offer price and the highest offer price (ie HK$180.00 per share). The shares will be traded in units of 100 shares of Class A common stock per lot.
The company intends to use the net proceeds from the global offering to expand the company’s product portfolio and develop more advanced technologies; to increase brand awareness, acquire customers through omni-channel marketing strategies, and increase sales and service outlets both domestically and internationally. To accelerate the company’s business expansion; increase production capacity, including expanding production capacity, upgrading production facilities, and developing production technology; general corporate purposes, including working capital.
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