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Xpeng stated Thursday that it bought greater than 99.7 million shares for $15 every in its Wall Street debut, elevating about $1.5 billion. It had initially deliberate to promote 85 million shares priced between $11 and $13.
Its inventory started buying and selling that day underneath the ticker XPEV, and closed at simply over $21 per share.
The IPO comes as Chinese corporations listed in New York face heightened scrutiny from US officers. Earlier this month, an advisory council run by US Treasury Secretary Steven Mnuchin really useful that regulators require larger entry to the accounts of Chinese corporations searching for to listing on US inventory exchanges.
Following that controversy, the US Senate unanimously accredited laws in May that might stop firms that refuse to open their books from itemizing on Wall Street, a transfer its sponsors stated was designed to “kick deceitful Chinese companies off US exchanges.” The invoice nonetheless must be accredited by the House of Representatives and signed by the president earlier than changing into regulation.
In filings to the US Securities and Exchange Commission earlier this month, Xpeng cited the US regulatory atmosphere and the potential passage of the invoice as dangers for traders to contemplate.
“Enactment of any of such legislation or other efforts to increase the US regulatory access to audit information could cause investor uncertainty for affected issuers, including us, and the market price of the [US shares] could be adversely affected,” the electrical automobile maker stated.
Founded in 2015, Xpeng is predicated in Guangzhou and in addition has an workplace in Silicon Valley.
— Michelle Toh contributed to this report.
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