Sullivan & Cromwell and Fangda Partners are advising Chinese smart electric vehicle maker Xpeng on its planned dual primary listing in Hong Kong, with Freshfields Bruckhaus Deringer and JunHe advising the joint sponsors. The listing is expected to raise nearly $2 billion.
According to Reuters, the Nasdaq-listed Xpeng chose a dual primary listing rather than a secondary listing as it has been listed in New York for less than two years. Under Hong Kong rules, a secondary listing requires at least two financial years of good regulatory compliance on another qualifying exchange, Reuters added.
Established in 2015, the Guangzhou-headquartered Xpeng was listed in Nasdaq in August 2020. According to Reuters, Xpeng will use the funds raised from the Hong Kong list to develop more advanced smart car technologies, such as autonomous driving functions, with its in-house team of engineers, and will expand its product portfolio.
Harneys is advising the company on offshore law. The joint sponsors are JP Morgan and BofA Securities.
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