Tesla Rival Xpeng Says Investor Reach To Increase In China As Its Stock Gets Included In Stock Connect Program

Xpeng Inc XPEV said on Tuesday its ordinary shares, which trade on The Stock Exchange of Hong Kong Limited (HKEX), have been included in the Shenzhen-Hong Kong Stock Connect program and would help lift investor reach.

What Happened: The Chinese electric vehicle maker, which is listed both in the U.S. and Hong Kong, said the Stock Connect program will allow qualified Mainland Chinese investors to access eligible Hong Kong shares and help expand its investor base.

“The inclusion will not only further expand and diversify our investor base but also provide the opportunity for our customers, partners and EV and technology investors in China to participate in our exciting growth story,” Brian Gu, vice chairman and president at Xpeng, said.

See Also: Tesla Rival Xpeng's January Deliveries Outshine Those Of Rivals Nio, Li Auto: What You Need To Know

Dual Listing: Xpeng, seen as a Tesla Inc TSLA rival, has a dual-primary listing status and debuted trading on the Main Board of the HKEX on July 7 last year. The Guangzhou, China-based Xpeng began trading in the New York Stock Exchange in August 2020.

Xpeng said earlier this month that it delivered 12,922 electric vehicles in January, ahead of local rivals Nio Inc’s NIO 9,652 electric vehicles and b’s LI 12,268 units.

Price Action: Xpeng shares closed 0.84% higher at $37.2 a share on Tuesday. The stock is down 26% year-to-date.

Photo: Courtesy of Xpeng