:max_bytes(150000):strip_icc()/GettyImages-2160018013-515ab1eb88fd41f98fbf74057b7d3cee.jpg "XPeng Stock Has Dropped This Year. Its CEO Is Buying")
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Key Takeaways
- XPeng ADRs rose Monday after the Chinese electric vehicle maker said that CEO Xiaopeng He bought more than 2 million of the company’s shares.
- XPeng said that He bought 1 million H-shares, traded on the Hong Kong Stock Exchange. He also bought 1.42 million U.S.-listed American depositary shares.
- XPeng shares are down almost 50% this year.
XPeng (XPEV) ADRs rose Monday after the Chinese electric vehicle (EV) maker said that Chief Executive Officer (CEO) Xiaopeng He bought more than 2 million of the company’s shares.
XPeng said that He bought 1 million H-shares at an average price of 27.13 Hong Kong dollars ($3.48), and 1.42 million American depositary shares (ADSs) at an average price (in U.S. dollars) of $7.02 between Aug. 21-23.
“Mr. He has also informed the Company that he plans to further increase his shareholding in the Company,” the company’s board said in a statement.
CEO’s Purchase Comes as XPeng Stock Is Down 50% This Year
The company earlier this month reported weaker-than-expected revenue, although it had a smaller-than-anticipated loss as it benefited from a deal with Volkswagen. XPeng collaborates with the German car manufacturer to co-develop electrical/electronic (E/E) architecture for Volkswagen vehicles made in China.
XPeng’s ADRs rose about 7% in morning trading Monday but are down almost 50% this year.