Smart and Sustainable Electric Mobility
Alibaba's Taobao China completed the sale of 33 million Xpeng ADSs on March 22, according to a Hong Kong stock exchange announcement.
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This is the latest reduction in Alibaba's holdings after it sold 25 million of Xpeng's ADSs last year. An Alibaba executive resigned as a director of Xpeng.
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The direct impact of Alibaba's share sale on Xpeng shares should be transient and manageable, Morgan Stanley said.
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Xpeng said Alibaba's move was in execution of its capital management strategy and not due to a change in its view of the company.
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Shares of Xpeng have fallen back to the level prior to the Volkswagen deal, despite improving operations and strategic opportunities, Morgan Stanley noted.
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Xpeng saw its biggest one-day gain in early Hong Kong trading since the Volkswagen deal late last month.
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Shares of Xpeng have given up the entire rally that followed the Volkswagen announcement, suggesting that the markets are missing the forest for the trees, Deutsche Bank said.
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Xpeng has confirmed that the head of the company's autonomous driving business is leaving, after rumors earlier today caused its Hong Kong-traded stock to plummet.
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Xpeng's vice president of autonomous driving, Wu Xinzhou, is rumored to be leaving the company and is set to join US chip giant Nvidia.
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A top Chinese government meeting on Monday boosted investor optimism, with Nio and Xpeng, the laggards of the past few months, coming into more favor.
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