Xpeng (NYSE: XPEV, HKEX: 9868.H) and SAIC Motor Corp. Ltd and XPeng Inc. received an allocation of RMB 49.75112 million from SICC, who disclosed the results of the IPO on the Sci-Tech Innovation Board in the evening of January 6. Online investors waived subscription of RMB 21.783 million, while offline investors waived subscription of 0.
SICC is a Chinese technology-based enterprise focusing on the R&D, production and sales of broadband (third generation) semiconductor silicon carbide substrate materials.
Xpeng backed by Alibaba, IDG and Xiaomi Group
Founded in 2014, XPeng has gone through 11 rounds of funding before its listing, with a total financing amount of more than RMB 18.8 billion. It has received investments from top investors such as Alibaba Group, Xiaomi Group, IDG Capital, and more.
XPeng’s first financing started on April 27, 2015. The angel financing raised CNY 10 millions. From then on, XPeng completed three rounds of Series pre-A, A, and A+ funding.
In January 2018, XPeng announced that it had completed the Series B funding of RMB 2.2 billion. Together with the previous industry fund and the following Series B+ funding of RMB 4 billion in August 2018, XPeng had raised a total of CNY 10 billion by the end of summer 2018. Series B funding showed it is a trend to manufacture cars using Internet technology and new clean energy technology.
XPeng didn’t stop there.
Just one year after its Series B+ funding, XPeng officially announced that it has successfully signed a Series C financing with a total amount of USD 400 million in November 2019. The investors were Xiaomi Group, He Xiaopeng, Matrix Partners China, and Morningside Venture Capital. This series of successful financing was a positive signal of further expansion to the IoT and smart car fields as Xiaomi Group confirmed its in-depth cooperation with XPeng that year.
XPeng then had its Series C+ funding on July 20, 2020 and Series C++ funding on August 3, 2020, raising a total of USD 947 million. The investors were Aspex Management, Coatue Management, Hillhouse Capital and Sequoia China, etc. In December 2020, XPeng raised another USD 2.5 billion, the first time after its listing on the US stock market, which was the largest additional issuance in the history of China Concept Stocks.
Xpeng as first Mainland company to list in HK post pandemic time
In July 2021, XPeng was listed on the Hong Kong Stock Exchange with an issue price of HK 165, only 10 months after its listing on the US stock market. It became the first China Concept Stock to be listed in both New York and Hong Kong in the past three years.
XPeng is the first mainland company to list on the Hong Kong Stock Exchange in the post-epidemic era. And it is also the first major China Concept Stock to be listed in both Hong Kong and New York in recent three years. This means that in the future, mainland investors may be able to purchase shares of XPeng directly.
In 2021, the EV market entered the era of rivalry, and the competition among new forces had become increasingly intense. Among them, XPeng, NIO, and Li Auto all reported in March 2021 that they were preparing to list on Hong Kong Stock Exchange in order to attract investors closer to mainland China. XPeng focuses on the strategic route of smart cars. The XPILOT autonomous driving system of XPeng is tailored to Chinese driving behaviour and local road conditions, leading NIO and Li Auto in terms of technology.
Looking back at the whole financing process in the past, XPeng’s financing ability is no doubt one of the most outstanding among many market players. Vice Chairman and President Brian Gu confidently states: “As the first smart electric vehicle company to be listed in Hong Kong Stock Market, our growth trajectory provides important and unique investment opportunities for investors both in the mainland and Hong Kong. In the future, we will continue focusing on our strategy to achieve the long-term goal of sustainable growth and maximising shareholder value.Vice Chairman and President Brian Gu