Written by Cláudio Afonso | LinkedIn | X
He Xiaopeng, the co-founder and CEO of China’s electric vehicle maker XPeng, has increased his stake in the company to about 18.8% after buying $13.5 million worth of shares both in Hong Kong and in the U.S. Stock Market.
The chief executive purchased, between August 21 and August 23, 1 million Class A ordinary shares at an average price of HKD 27.13 each, totaling approximately HKD 27.13 million ($3.5 million), according to a new filing on the Hong Kong Stock Exchange.
In addition, XPeng CEO, through his wholly-owned entity, Galaxy Dynasty Limited, purchased 1,419,922 American Depositary Shares (ADS) at an average price of $7.02 per ADS, amounting to approximately $10 million.
The purchases were disclosed on Monday with the co-founder indicating that he has plans to further increase his holdings in compliance with regulatory requirements.
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Later this week, the company will launch its cheapest model ever produced, a sedan named Mona M03, whose starting price is expected to be just under $19,000 for the Chinese market.
The brand has accelerated its expansion and is now present in 30 countries and regions, with a network of local dealers and more than 70 via direct sales.
Written by Cláudio Afonso | LinkedIn | X
