Chinese electric vehicle company Xpeng Motors has filed with the US Securities and Exchange Commission that it plans to issue 85 million ADSs in a proposed IPO on the New York Stock Exchange.
Each ADS represents two shares of Xpeng's common stock, with an offering guidance price of $11 to $13 per ADS, and Xpeng expects to raise up to $1.27 billion.
Xpeng officially filed its prospectus on August 8, 2020 under the ticker symbol "XPEV".
For the first half of the year ended June 30, 2020, Xpeng reported revenue of $142 million, gross profit of -$5.11 million, gross margin of -3.6%, operating expenses of $202 million, and net loss of $113 million.
Tesla's Chinese rival Xpeng may go public in US on August 27
Xpeng 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'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.
