The over-allotment option of Xiaopeng Motor-W (09868.HK) was exercised, but the stock hit a new low against the market today, with a minimum of 142.1 yuan (13.9% less than the listing price), with a half-day closing price of 142.6 yuan, a further drop of 5.6%, and a half-day turnover of 1.22 million shares (more than yesterday's total trading volume of 1.02 million shares).
Xiaopeng announced that the joint representative (on behalf of the international underwriter) yesterday (14th) partially exercised the over-allotment option at 165yuan per share, involving a total of 12.0833 million shares (trading began next Monday), accounting for about 14.22% of the number of shares sold, in order to promote the repayment of 12.75 million shares borrowed from Quack Holding, the company's additional net income of about 1.97 billion yuan. In addition, the Hong Kong Stock Exchange (00388.HK) announced that Xiaopeng Motor will be added to the list of market volatility regulation mechanisms from next Wednesday (21), that is, if the stock price fluctuates by more than 10% in five minutes, it will trigger a five-minute cooling-off period.