Fangda Partners acted as the PRC counsel to the New York Stock Exchange-listed company XPeng Inc. (“XPeng”) on its global offering of 85 million Class A ordinary shares (including an international placement and Hong Kong initial public offering), marking XPeng’s dual primary listing on both the New York Stock Exchange and Hong Kong Stock Exchange. The deal raised gross proceeds of approximately HK$14 billion (approximately US$1.8 billion), and will raise approximately US$2.1 billion in total if the over-allotment option is fully exercised. The listing and global offering was closed on July 7, 2021.
XPeng is one of China’s leading smart electric vehicle companies. According to data from IHS Markit, XPeng is currently the only Chinese automobile company that independently develops full-stack autonomous driving technology software and applies the software to its mass-produced vehicles. XPILOT 3.0, the latest self-developed autonomous driving system developed by XPeng, is one of the most advanced autonomous driving technologies used in cars currently sold on the market.
After advising on XPeng’s successful listing on the New York Stock Exchange in 2020 and subsequent additional issuances, Fangda has continued to act as XPeng’s PRC legal counsel in this deal. The team advising on this transaction was led by partners Jeffrey Ding, Tianyi Chen and Patrick Li and counsel Jianbo Wei. They were supported by team members including Cassie Chang, Wei Feng, Charlene He, Hale Lu in our Beijing office, and Xinyu Guo, Yinglin Kong and Muyuan Zhang in our Shenzhen office.