Tesla's Chinese rival and Alibaba-backed Xpeng Motors is expected to trade on the New York Stock Exchange next week, possibly on August 27, Chinese website ifnews.com cited a source as saying.
Xpeng has no comment on the matter.
The electric car company filed a prospectus with the US Securities and Exchange Commission (SEC) on August 8 to list its shares on the New York Stock Exchange (NYSE) under the symbol "XPEV”.
The $100 million listed in its prospectus was only a placeholder for routine disclosure and does not represent the actual amount raised in this IPO.
According to the prospectus, the underwriters for the IPO include Credit Suisse, JPMorgan Chase, and Bank of America.
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Xpeng has yet to announce a specific IPO financing amount or price range for the IPO. The company is expected to update its prospectus by the end of this week, and more information will be announced at that time, the sources said.
Xpeng plans to file for a $1 billion US stock IPO on Friday, Reuters-owned media outlet IFR reported earlier today.
Xpeng's operating income was 9.706 million yuan in 2018 and increased to 2.321 billion yuan in 2019. In the first half of this year, Xpeng generated an operating income of 1.003 billion yuan, down 18.52% from the same period last year.
Xpeng's net loss of 1.399 billion yuan in 2018 widened to 3.692 billion yuan in 2019. The net loss narrowed significantly to 796 million in the first half of 2020.
Since 2018, Xpeng has accumulated a net loss of 5.887 billion yuan over the two-and-a-half-year period and a consolidated loss attributable to common shareholders of 8.996 billion yuan.
Prior to filing its IPO documents, Xpeng had completed a C+ round of financing with a cumulative investment of $900 million.
Xpeng's management currently holds a 40.9% stake in the company, with its largest shareholder, Chairman He Xiaopeng, holding 31.6%.
Alibaba is the largest institutional shareholder with a 14.4% stake. Other major shareholders include Xiaomi, GGV Capital, and Morningside Venture Capital.
