Chinese EV maker X Peng files for IPO; real estate giant KE Holdings sets IPO terms

/ / News

Chinese electric-vehicle maker X Peng Inc. has filed for an initial public offering, seeking to sell $100 million worth of American depositary shares, although that number is often a placeholder used to calculate fees. The company seeks to trade on the New York Stock Exchange under the symbol XPEV, it said in a filing late Friday. Credit Suisse, BofA Securities, and J.P. Morgan are among the underwriters. X Peng, founded in 2015, dubbed itself as “one of China’s leading” smart electric-vehicle makers. It makes the G3, an SUV, and the P7, a four-door sports sedan. The G3 entered production in November 2018; as of last week, X Peng had delivered 18,741 vehicles to customers. Deliveries of the P7 sedan began in May, with the company delivering 1,966 units as of last week. A third EV, a sedan, is planned for next year, the company said. X Peng’s plan to tap U.S. equity markets comes on the heels of a success for Li Auto’s ADS, which soared 50% on their first day of trading, but also as President Donald Trump has dialed up his criticism of Chinese tech and related companies, recently issuing executive orders aimed at banning U.S. company from dealing with TikTok and WeChat. Also Friday, China-based real estate company KE Holdings Inc. set the terms for its IPO, aiming to raise around $1.9 billion by offering 106 million ADSs between $17 and $19 a piece. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.