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    Client Highlights

    S&C Advises China’s Electric Vehicle Maker XPeng in $1.8 Billion Offering Through Dual Listing

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    July 7, 2021

    China’s XPeng Inc., one of the leading smart electric vehicle companies in China, raised US $1.807 billion on July 7 through a dual-primary listing consisting of an international offering registered with the U.S. Securities and Exchange Commission and a public offering on the Hong Kong Stock Exchange.

    This transaction is the first ever dual-primary listing of a company which adopted a weighted voting rights structure on the HKSE. Companies that opt for dual-primary listing on the HKSE are required to comply with full requirements of both the HKSE and the relevant overseas exchange. Due to the weighted voting rights structure, XPeng needed to obtain special regulatory approval from the HKSE and comply with additional regulatory requirements.

    According to IHS Markit, XPeng is currently the only automotive company based in China that develops full-stack autonomous driving software in house and has used that software on mass-produced vehicles. Its latest proprietary autonomous driving system, XPILOT 3.0, represents one of the most advanced autonomous driving technologies adopted on commercially available vehicles.

    S&C acted as Hong Kong and U.S. counsel to XPeng. The cross-border team consisted of Kay Ian Ng and Ching-Yang Lin in Hong Kong and Sarah Payne in Palo Alto. Bob Reeder in New York and Gwen Wong in Beijing advised on certain securities matters. Rick Wertheim in New York advised on ’40 Act-related matters. Jeffrey Hochberg and Saul Brander in New York advised on tax matters.

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    Kay Ian Ng Headshot Photo
    Kay Ian Ng
    Hong Kong
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    Ching-Yang Lin Headshot Photo
    Ching-Yang Lin
    Hong Kong
    +852-2826-8688
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    Sarah P. Payne Headshot Photo
    Sarah P. Payne
    Palo Alto
    +1-650-461-5669
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    Robert W. Reeder III Headshot Photo
    Robert W. Reeder III
    New York
    +1-212-558-4000
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    Gwen Wong Headshot Photo
    Gwen Wong
    Beijing
    +86-10-5923-5967
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    Frederick Wertheim Headshot Photo
    Frederick Wertheim
    New York
    +1-212-558-4000
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    Jeffrey D. Hochberg Headshot Photo
    Jeffrey D. Hochberg
    New York
    +1-212-558-3266
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    Saul Brander Headshot Photo
    Saul Brander
    New York
    +1-212-558-4000
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