Home / Natural Person Data / Monzo launches metal cards with new Premium account Monzo launches metal cards with new Premium account MIFID II Reporter October 20, 2020 Natural Person Data No Comments Bloomberg China EV Startup XPeng Expands Share Sale to Raise $2.2 Billion (Bloomberg) — Chinese electric-vehicle maker Xpeng Inc. raised $2.16 billion from an upsized share sale, joining a rush of fundraising by companies in the sector seeking to capitalize on a rally in stock prices.The Guangzhou-based manufacturer sold 48 million American depositary shares at $45 apiece, according to a statement Wednesday. That’s 8 million more ADS than the company had been marketing and the price represents a 7.6% discount to its close on Tuesday. Xpeng could raise as much as $2.48 billion if it exercises an over-allotment option to sell an additional 7.2 million shares.Rising electric-car demand has pushed up manufacturers’ shares this year, prompting them to sell more stock to fuel their growth. Industry leader Tesla Inc. has surged 622% in 2020 and said this week it’s raising as much as $5 billion in its third stock offering this year.Xpeng went public in New York just over three months ago, raising $1.72 billion in an initial public offering that priced above the range and was also increased in size. Its shares have jumped 198% since then, and its follow-on offering comes a week after its newly listed rival Li Auto Inc. raised $1.36 billion in a stock sale.Shares of Xpeng fell 8.3% to $44.65 on Wednesday.Electric-car demand is increasing in China, benefiting Tesla as well as its local contenders such as Xpeng that focus on their domestic market. Sales of new energy vehicles, which includes electric cars, more than doubled last month to 169,000 units, according to China Passenger Car Association.At the same time, Chinese firms are raising record amounts of capital on U.S. exchanges this year even as relations between the world’s two largest economies are at a low ebb.Xpeng’s follow-on offering is the second-biggest straight after an IPO by a U.S.-listed Chinese firm, according to data compiled by Bloomberg. Online rental platform KE Holdings Inc. currently holds the title of largest first-time follow-on after it sold $2.36 billion of stock just three months after its debut.Xpeng plans to use the proceeds for purposes including research and development of its smart vehicles and software, hardware and data technologies, expansion of sales channels and super-charging network, as well as expansion of its footprint internationally.Credit Suisse Group AG, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. were joint bookrunners for Xpeng’s share sale.(Updates with China market growth in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P. Source link Tweet Related Posts EU Short Selling Bans Prolonged – Finance and Banking No Comments New German Rules On Crypto Assets – Finance and Banking No Comments The rise Of LNG Derivatives – International Law No Comments Today’s Oil & Gas Update – Block Energy and Gulf Keystone Petroleum and more… No Comments Add a Comment Cancel ReplyYou must be logged in to post a comment.