Chinese smart electric car maker XPeng Automotive was officially listed on the main board of the Hong Kong Stock Exchange on July 7, raising HK$14.025 billion and becoming the first dual major listed company on the HKSE with the feature of different shareholdings.
This also marks the first smart electric vehicle company to list back in Hong Kong from the U.S. stock market, with its main competitor, LI Auto, following in the same form. According to Bloomberg, NIO plans to delay its Hong Kong secondary listing until early next year.
Distinguishing itself from other Chinese stocks with secondary listings in Hong Kong, XPeng has adopted a dual primary listing model. Because the Guangzhou-based company listed on the NYSE in August 2020, its listing is less than two years old and does not qualify for a secondary listing on the HKSE.
This means that XPeng will need to comply with the listing rules of both the Hong Kong and U.S. exchanges. Compared to other companies returning to Hong Kong since Alibaba the year before to Ctrip this year, XPeng is facing stricter regulatory requirements.