Shares of China EV maker Xpeng set to open up 1.8% in Hong Kong debut

[HONG KONG] Shares of Chinese electric vehicle (EV) maker Xpeng are set to open up 1.8 per cent from their initial public offering (IPO) price in the company's dual primary listing debut in Hong Kong on Wednesday.

The stock is set to open at HK$168 per share, versus the IPO price of HK$165. The percentage jump would compare with a 1.1 per cent fall in the benchmark Hang Seng Index and 1.2 per cent decline in the Hang Seng China Enterprises Index.

Xpeng's New York-listed American Depository Shares (ADS) were up 0.7 per cent late on Tuesday at US$44.05 each. One ADS is equivalent to two Hong Kong shares.

The company raised US$1.8 billion by selling 85 million shares in the deal finalised last week.

REUTERS