Xpeng shares will begin trading on the New York Stock Exchange on Thursday, under the ticker XPEV.
The IPO comes as Chinese companies named in New York increase control over U.S. officials. Earlier this month, an advisory board led by U.S. Treasury Secretary Steven Mnuchin recommended that regulators require greater access to the accounts of Chinese companies seeking to list on U.S. stock exchanges.
Following that controversy, the U.S. Senate passed unanimous legislation in May that prevents companies that refuse to open their books from listing on Wall Street, a move its sponsors said was designed to “cheat Chinese companies of the U.S.” to kick exchanges. ” The bill has yet to be approved by the House of Representatives and signed by the president before it becomes law.
In submissions to the U.S. Securities and Exchange Commission earlier this month, Xpeng cited U.S. regulations and the potential passage of the account as risks for investors to consider.
“The introduction of any such legislation or other attempts to increase the access rights of US regulators to control information may cause investor uncertainty for concerned issuers, including us, and the market price of the [US shares] can be negatively affected, “said the maker of electric cars.
Founded in 2015, Xpeng is based in Guangzhou and also has an office in Silicon Valley.
– Michelle Toh contributed to this report.
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