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Xpeng closes lower after Alibaba unit sells 33M shares

Investing.com -- Xpeng shares closed lower Wednesday after an Alibaba (NYSE:BABA) subsidiary cut its stake China-based electric-vehicle maker, the company said in a regulatory filing. 

Xpeng Inc (NYSE:XPEV) closed more than 3% lower. 

Taobao China Holding Ltd., an Alibaba subsidiary, plans to sell 33 million American depositary shares of Xpeng. The offering was priced at $9.60 each, Bloomberg reported Wednesday, citing unnamed sources. This was at the low end of the offering, which was marketed at $9.60 to $9.75 each, the source told Bloomberg.

 

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.