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Benzinga
Benzinga
Business
Rachit Vats

Tesla, Nio Rival Xpeng Sees High Interest From Mainland Chinese Investors After Inclusion In Stock Connect Program

Xpeng Inc (NYSE:XPEV) fetched significant inflows on the first day of inclusion in a stock connect program linking the Hong Kong stock market and Chinese mainland investors.

What Happened: Xpeng received inflows worth about $98.5 million (HK$765 million) of turnover by mainland Chinese investors through the stock connect mechanism, cnEVpost reported.

The development left Xpeng the eighth most traded stock in the Hong Kong-Mainland Stock Connect and the most net bought stock by mainland investors in the Hong Kong-Shenzhen Stock Connect on Thursday.

See Also: Tesla Rival Xpeng Says Investor Reach To Increase In China As Its Stock Gets Included In Stock Connect Program

Why It Matters: The stock linking mechanism is aimed at allowing investors from Hong Kong and mainland China to buy  stocks in the other region.

The Guangzhou, China-based Xpeng is seen as a rival to global EV leader Tesla Inc (NASDAQ: TSLA) and homegrown startup Nio Inc (NYSE: NIO).

Xpeng enjoys a dual-primary listing status; it debuted on the Main Board of the HKEX on July 7 last year and began trading on the New York Stock Exchange in August 2020.

Price Action: Xpeng shares closed 9.6% higher at $40.7 a share on Wednesday. The stock is down 19% year-to-date.

Photo: Courtesy of Xpeng

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