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    1810   KYG9830T1067

XIAOMI CORPORATION

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China's EV maker Xpeng files for Hong Kong listing

06/23/2021 | 08:44am EDT

BEIJING (Reuters) - Chinese electric vehicle maker Xpeng Inc filed for a dual primary listing on the Hong Kong Stock Exchange on Wednesday.

A dual primary listing is different from secondary listing and will allow qualified Chinese investors to invest in the company through the Stock Connect regime linking mainland Chinese and Hong Kong markets, according to the exchange's rules.

U.S.-listed shares of the company rose more than 5% to $42.02 in premarket trading.

Reuters reported Xpeng's Hong Kong listing plan in March, citing people familiar with the matter. Rival Nio Inc and Li Auto have similar plans, sources said.

Xpeng, which went public in New York last year, has a market capitalisation of $32 billion. It is based in the Chinese southern city of Guangzhou, and makes two sedan models and one sport-utility vehicle model at two domestic factories.

It sells mainly in China, the world's biggest car market, where it competes with Tesla Inc and Nio.

Led by Chief Executive Officer He Xiaopeng, Xpeng is developing smart car technologies, such as autonomous driving functions, with an in-house team of engineers and plans two new car plants in China.

Xpeng's backers include Alibaba Group and Xiaomi Corp.

Sales of new energy vehicle (NEV), including battery electric, plug-in hybrid and hydrogen fuel cell vehicles, in China are expected to grow more than 40% annually for the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said last week.

(Reporting by Yilei Sun and Tony Munroe; Additional reporting by Chavi Mehta in Bengaluru; Editing by Clarence Fernandez, Kim Coghill and Shinjini Ganguli)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -4.21% 189 End-of-day quote.-18.74%
TESLA, INC. 1.45% 687.2 Delayed Quote.-2.62%
XIAOMI CORPORATION -2.12% 25.35 End-of-day quote.-23.64%
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Financials
Sales 2021 333 B 51 595 M 51 595 M
Net income 2021 20 660 M 3 198 M 3 198 M
Net cash 2021 60 889 M 9 424 M 9 424 M
P/E ratio 2021 25,3x
Yield 2021 -
Capitalization 528 B 81 753 M 81 756 M
EV / Sales 2021 1,40x
EV / Sales 2022 1,11x
Nbr of Employees 23 410
Free-Float 58,0%
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Mean consensus OUTPERFORM
Number of Analysts 35
Last Close Price 21,07 CNY
Average target price 27,07 CNY
Spread / Average Target 28,5%
EPS Revisions
Managers and Directors
Jun Lei Chairman & Chief Executive Officer
Xiang Wang President
Alain Lam Chief Financial Officer
Yan Qi SVP-Internal Operations & Public Affairs
Dong Sheng Chen Independent Non-Executive Director
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