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Electric cars in China

Chinese Tesla rival Xpeng to raise up to $2bn via Hong Kong IPO

First case of US-listed mainland EV maker selling shares closer to home

An Xpeng P5 electric vehicle at the Auto Shanghai show on April 19. The Chinese company, whose shares are traded in New York, is preparing to list in Hong Kong as well.   © Reuters

HONG KONG -- U.S.-listed Chinese electric vehicle maker Xpeng on Thursday opened a Hong Kong share sale for subscription with an aim to raise as much as $2 billion, reviving the so-called homecoming listings.

The primary dual listing of 85 million shares will be open until Tuesday and is scheduled to price the next day, according to a term sheet seen by Nikkei Asia. The company will make its Hong Kong debut on July 7. Two Hong Kong shares will be equal to one American depositary receipt.

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