GUANGZHOU, China — Shares of U.S.-listed electric vehicle maker Xpeng rose at the open before turning negative on Wednesday in their Hong Kong debut.
Xpeng issued 85 million Class A ordinary shares at a price of 165 Hong Kong dollars each. Those shares opened at 168 Hong Kong dollars, a 1.8% rise. Shortly after, they fell to 162.50 Hong Kong dollars, around 1.5% below its listing price.
The electric carmaker is already listed in the U.S. Usually, Chinese companies listed on Wall Street will do what’s known as a secondary listing, usually in Hong Kong. This is where a company, listed on one exchange, goes on to sell shares on another.
But Xpeng’s share offering is a dual-primary listing….