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XPeng Inc. Announces Pricing of Global Offering

(GUANGZHOU, China) XPeng Inc. (“XPeng” or the “Company”) (NYSE: XPEV, HKEX:9868.HK), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced the pricing of the global offering (the “Global Offering”) of 85,000,000 shares (the “Offer Shares”) which comprises an international offering (the “International Offering”) and a Hong Kong public offering (the “Hong Kong Public Offering”).

The final offer price for both the International Offering and the Hong Kong Public Offering (the “Offer Price”) has been set at HK$165.00 per Class A ordinary share. Based on the ratio of two Class A ordinary shares per NYSE-listed American depositary share (the “ADS”), the Offer Price translates to approximately US$42.52 per ADS based on an exchange rate of HK$ 7.7604 to US$1.00. Subject to approval from The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), the Class A ordinary shares are expected to begin trading on the Main Board of the Hong Kong Stock Exchange on Wednesday, July 7, 2021, under the stock code “9868”.

The gross proceeds to the Company from the Global Offering, before deducting underwriting fees and the offering expenses, are expected to be approximately HK$14,025.0 million (assuming the Over-allotment Option is not exercised). In addition, the Company has granted the Over-allotment Option to the International Underwriters, exercisable by the Joint Representatives (and on behalf of the International Underwriters), at any time on or before Friday, July 30, 2021, being the 30th day after the last day for lodging applications under the Hong Kong Public Offering, pursuant to which the Company may be required to issue up to an aggregate of 12,750,000 Class A ordinary shares at the Offer Price.

The Company plans to use the net proceeds from the Global Offering for expansion of its product portfolio and development of more advanced technology; acceleration of its business expansion, by enhancing brand recognition, acquiring customers through omni-channel marketing strategies and expanding its sales and service touch points both domestically and internationally; enhancement of production capability, including expansion of capacity, upgrade of manufacturing facilities and development of manufacturing technologies; and general corporate purposes, including working capital needs.

J.P. Morgan Securities (Far East) Limited and Merrill Lynch (Asia Pacific) Limited are the Joint Sponsors of the listing of the Offer Shares on the Hong Kong Stock Exchange. J.P. Morgan Securities (Asia Pacific) Limited, Merrill Lynch (Asia Pacific) Limited and Citigroup Global Markets Asia Limited are the Joint Representatives. J.P. Morgan Securities (Asia Pacific) Limited, Merrill Lynch (Asia Pacific) Limited, Citigroup Global Markets Asia Limited and CLSA Limited are the Joint Global Coordinators of the Global Offering.

The Company’s registration statement on Form F-1 relating to the International Offering has been filed with, and declared effective by, the United States Securities and Exchange Commission (the “SEC”). The International Offering is being made only by means of a prospectus forming part of the effective registration statement. The registration statement on Form F-1, which contains a preliminary prospectus dated June 24, 2021, is available at the SEC’s website at www.sec.gov. The final prospectus will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. When available, copies of the final prospectus relating to the offering may also be obtained from J.P. Morgan Securities LLC, by telephone at +1 (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; and BofA Securities, Inc., by telephone at +1 (800) 294-1322, or by email at dg.prospectus_requests@bofa.com.

The price of the Offer Shares of the Company may be stabilized in accordance with the Securities and Futures (Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong). The details of the intended stabilization and how it will be regulated under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) have been contained in the prospectus of the Company dated June 25, 2021.

The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Image courtesy of XPeng Inc.

 

 
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