(Reuters) – Shares of Chinese electric vehicle (EV) maker Xpeng Inc are set to open up 1.8% from their initial public offering (IPO) price in the company’s dual primary listing debut in Hong Kong on Wednesday.
The stock is set to open at HK$168 per share, versus the IPO price of HK$165. The percentage jump would compare with a 1.1% fall in the benchmark Hang Seng Index and 1.2% decline in the Hang Seng China Enterprises Index.
Xpeng’s New York-listed American Depository Shares (ADS) were up 0.7% late on Tuesday at $44.05 each. One ADS is equivalent to two Hong Kong shares.
The company raised $1.8 billion by selling 85 million shares in the deal finalised last week.
(Reporting by Donny Kwok; Editing by Christopher Cushing)