By Dhirendra Tripathi

Investing.com – XPeng (NYSE:XPEV) shares rose more than 5% in Wednesday’s trading following the Hong Kong regulator’s approval to its plans for a public listing in that region.

A CNBC report says the Chinese electric vehicle maker plans to raise between $1 billion and $2 billion through the initial public offering. JPMorgan Chase (NYSE:JPM) and BofA will act as lead advisors to the company for the IPO.

XPpeng, listed the on the Nasdaq, has a market cap of $32 billion.

The EV company delivered 5,686 smart EVs in May, a jump of 483% compared to a year ago. Year-to-date deliveries reached 24,173, a 427% climb.

For this quarter, XPpeng aims to deliver between 15,500 and 16,000 vehicles.

On June 2, Citi (NYSE:C) analyst Jeff Chung raised the target on XPeng to $50.30 from $50 while maintaining a buy. He argues that based on the terminal value, XPpeng is more valuable than Nio (NYSE:NIO), which currently has a market cap of $69.55 billion.

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