Alibaba-Backed EV Maker XPeng Soars On NYSE Listing; CEO He Xiaopeng Worth $4.2 Bln
- Date: 28-Aug-2020
- Source: Forbes
- Sector:Financial Markets
- Country:Qatar
Alibaba-Backed EV Maker XPeng Soars On NYSE Listing; CEO He Xiaopeng Worth $4.2 Bln
Shares in China electric vehicle maker XPeng, whose investors include Internet heavyweight Alibaba Group and Beijing smartphone supplier Xiaomi, soared by 41% from their IPO price on their debut at the New York Stock Exchange today. That big gain made the company's CEO one of the richest men in the global auto industry.
He Xiaopeng, 42, who earlier in his career made a fortune by co-founding a mobile browser business in China, holds Xpeng shares worth$4.2 billion, based on figures in the company's prospectus.
Xpeng's IPO follows the June 30 Nasdaq listing of another China EV maker, Li Auto, which raised $1.1 billion and whose shares have risen since. They plunged 17% to $19.38 today, but are still far above their $11.50 IPO price. Xpeng's offering – at $15 per American Depositary
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