Société Générale Americas, the US arm of France’s third-largest bank, has boosted its stake in XPeng to its second-highest level since first investing in the automaker in late 2020.
In a new filing with the US Securities and Exchange Commission, the bank disclosed 1.09 million shares held in the Chinese company by the end of the third quarter.
As of September 30, the stake was worth $25.5 million. After a 4% decline in XPeng‘s share price over the past 40 days, its value has fallen to around $24.5 million.
Only Twice Above 1M Shares
Over the past five years, the only other time in which the bank held more than 1 million shares of the Chinese automaker was in the final quarter of 2022.
This was its peak position, with 1.19 million shares valued at over $11.8 million.
SG Americas first invested in XPeng in the third quarter of 2020, coinciding with the company’s IPO, purchasing 35,872 shares worth $720,000.
Excluding the two quarters when holdings exceeded 1 million shares, the bank’s investment has generally ranged between 11,000 and 420,000 shares.
Nio, Tesla, Rivian and Lucid
According to Nasdaq, as of September 30, the French bank’s US subsidiary held positions in 2,969 companies, with a total portfolio valued at $27 billion.
Its largest holdings by number of shares are chipmaker Broadcom, with over 10.7 million shares, followed by Cisco Systems, with nearly 9.9 million shares.
However, when ranked by value, Meta Platforms moves up to second place. The 3.1 million shares in Meta are worth over $1.9 billion, below Broadcom’s $3.7 billion.
The bank has a stake in Chinese EV maker Nio, which was trimmed in the past quarter by about 220,000 shares to 1.58 million — a position currently valued at about $10.8 million.
Additionally, SG Americas acquired nearly 1.2 million Put contracts between July and September.
The company’s holdings in US electric vehicle maker Tesla have jumped 70% quarter over quarter, from 638,000 shares to 1.09 million. The stake was worth $468 million.
After selling its Rivian stake in the second quarter, SG Americas re-entered the EV maker’s list of institutional investors with 168,302 shares.
The bank also reported an increase in shares in Lucid Motors, for the first time since mid-2021, when the company went public. It held 109,000 shares by the end of the quarter.
XPeng Institutional Ownership
As of Monday, Nasdaq data shows that XPeng has 257 institutional shareholders, holding over 140 million shares.
The company’s largest institutional shareholders have yet to report their third-quarter portfolios.
New York-based JP Morgan has significantly reduced its stake in the automaker, reaching its lowest number of shares since first investing in late 2020 — and nearly exiting its position.
