XPeng Stock Jumps 7.5% After CEO Buys Over 2 Million Shares of EV Maker
$XPeng (XPEV.US)$ shares jumped 7.5% Monday morningafter CEO Xiaopeng He and his wholly owned company Galaxy Dinasty Ltd. bought more than 2 million shares, according to a filing with the Securities and Exchange Commission.
He, who is also the chairman and co-founder of Xpeng, bought 1 million class A ordinary shares of the company at an average price of 27.13 Hong Kong dollars, while his company Galaxy purchased 1.42 million class American depositary shares (ADSs) at an average price of $7.02 each between Aug. 21 and Aug. 23, according to the filing dated Aug. 26.
The company's board said the CEO plans to further increase his stake in the company, according to the filing.
(To see the market reaction in options, click here.)
The purchase "demonstrates the strong confidence of Mr. He towards the prospects and growth potential of the company as well as his long-term commitment towards the company," the board said in the filing.
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