Many Chinese concept shares (CCS) plummeted after Monday’s closing. New popular electric vehicle stocks Xpeng Motors plunged 10.05%, Li Auto fell 7.39%, but NIO bucked the trend and rose 2.86%.
Xpeng Motors listed its shares on the New York Stock Exchange (NYSE) last Thursday, and on its first day of listing, shares soared 41.47% from its issue price of $15.
Xpeng Motors originally planned to issue 85 million shares of ADS, corresponding to a fund-raising scale of $1.28 billion, but due to higher-than-expected market demand, it increased the issuance scale to approximately 99.73 million shares.
In addition to its listing on the NYSE, Xpeng launched its models on Alibaba group-buying platform Juhuasuan and participated in its 10-billion-yuan subsidy program.
On the evening of Aug. 27, Juhuasuan announced that it would subsidize Xpeng with a limited subsidy of 50,000 yuan per unit, and a limited-time purchase subsidy of 2,000 yuan per unit for all models.
The same day, Xpeng announced that the number of orders on Juhuasuan quickly exceeded 1,000 units, breaking the record of the previous peak of transactions. On Sept. 1, Tmall, Alibaba’s cross-border marketplace, stated on Weibo that Xpeng model orders reached 6,000.
Xpeng’s local rival Li Auto (LI) has plummeted 30% in the past three days, Chinese tech media 36Kr reported.
NIO (NIO), however, closed up 2.86% on Monday. The company announced the issuance of 88.5 million shares of ADS on Aug. 28 at an issue price of $17.
NIO also granted the underwriters to purchase an additional 13.275 million shares at $17 per share within 30 days, and the total financing is expected to exceed $1.7 billion. 36Kr reported that if the financing proceeds, it will become the largest additional issuance in China’s high-end smart electric vehicle industry.