First carbon-neutral automobile ABS on the Shenzhen Stock Exchange
XPeng Inc. (“XPeng” or the “Company,” NYSE: XPEV, HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced that its subsidiary, Guangzhou Xiaopeng Automotive Financial Leasing Co., Ltd., has successfully concluded the issuance of RMB775 million ($122 million) debut automobile leasing asset-backed securities (“ABS”). The ABS will be listed on the Shenzhen Stock Exchange in March 2022.
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XPENG P7 (Photo: Business Wire)
The issuance marks XPeng’s inaugural ABS issuance in its home capital market, further diversifying its direct financing channels. It also spotlights as the first carbon-neutral automobile leasing asset-backed ABS on the Shenzhen Stock Exchange, highlighting bond investors’ recognition of XPeng’s carbon neutrality and ESG (Environmental, Social and Governance) initiatives, as well as its ongoing commitment to sustainability.
The ABS issuance attracted a large number of institutional investors in Mainland China, achieving the lowest coupon rate for auto leasing ABS among China’s emerging automakers. The issued ABS of RMB624 million in the senior A tranche with a debt rating of AAA have a coupon rate of 3.00%, due in 1 year. The issued ABS of RMB31 million in the senior B tranche with a debt rating of AA+ have a coupon rate of 3.50%, due in 1.8 years.
Additionally, the Hang Seng Indexes Company Limited announced on February 18, 2022, that XPeng Inc. (HKEX: 9868) will be included in the Hang Seng TECH Index as a constituent stock, effective March 7, 2022. Earlier in February, XPeng’s Ordinary Shares traded on The Stock Exchange of Hong Kong Limited were included in the Shenzhen and Shanghai-Hong Kong Stock Connect programs, enabling qualified Chinese Mainland investors to have direct access to its shares through the respective stock exchanges in the Mainland.
About XPeng Inc.
XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to explore and drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are manufactured at its plant in Zhaoqing, Guangdong province. For more information, please visit https://en.xiaopeng.com.
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