Exploring the Future of Transportation | 5Y Capital Congratulates Xpeng Motors on Its Hong Kong Stock Exchange Listing
Exploring difficult questions with an imagination for the future.
On July 7, 2021, Xpeng Motors — billed as Hong Kong's "first intelligent EV stock" — officially listed on the Main Board of the Hong Kong Stock Exchange under ticker symbol "9868," with an IPO price of HK$165 per share. The listing ceremony was held simultaneously at the HKEX and Xpeng's global headquarters in Guangzhou. Less than a year after its NYSE debut, Xpeng had completed a dual listing in New York and Hong Kong.
From left: Xiaofeng Zhang, General Manager of Xpeng Motors Strategic Development Department; Hongdi Brian Gu, Vice Chairman and President of Xpeng Motors; Nicolas Aguzin, CEO of HKEX; Qin Liu, Founding Partner of 5Y Capital
He Xiaopeng, Chairman and CEO of Xpeng Motors, said at the listing ceremony: "As a leading Chinese smart vehicle design and manufacturing company, and as a technology company driving innovation in the internet and AI, Xpeng Motors is committed to 'being an explorer of future transportation.' Looking back at history, technological progress has been driven by three core forces: the transformation of information, the evolution of energy, and the industrial application of both — and these three forces are now converging fully in the intelligent EV sector. This will undoubtedly bring the world more efficient, safer, and carbon-neutral new ways of living and traveling. Xpeng Motors will take this successful Hong Kong listing as an opportunity to open a new chapter of rapid growth for the company."
Qin Liu, Founding Partner of 5Y Capital, said: "The intelligent vehicle industry presents enormous challenges. It has attracted world-class entrepreneurs from across the globe, and the playing field is only getting more crowded. The entire industry is heading into a brutal global competition and elimination round. At this critical juncture, the company's successful secondary listing in Hong Kong provides a stronger capital foundation for its international competitiveness.
As an entrepreneur, Xiaopeng went all-in on smart vehicles — something that is both extremely difficult and has a low probability of success — because he possesses a precious and rare purity of character that drives him to fearlessly devote his passion and energy to this cause. And every time I discuss with Xiaopeng the company's technology, engineering R&D, and innovative product ideas, I'm delighted to discover another rare quality in him: the imagination to change the status quo, the courage to challenge the unknown, and the powerful determination and execution capability to turn imagination and the unknown into reality. In the long run, the intelligent vehicle industry holds tremendous potential for technological and business model transformation. We believe Xpeng Motors has even greater potential and room to grow. We sincerely wish Xpeng Motors will continue to push boundaries and lead the future of transportation!"
5Y Capital has been an early, long-term, and steadfast supporter of Xpeng Motors. In 2007, 5Y Capital became the first institutional investor in UCWeb, co-founded by Xiaopeng, Yongfu Yu, and Jie Liang, and continued to invest from Series B through Series D until UCWeb's acquisition by Alibaba in May 2013. In 2017, Xiaopeng stepped down from Alibaba to embark on his second entrepreneurial journey, taking full leadership of Xpeng Motors. That same year, 5Y Capital participated in Xpeng Motors' Series A+ round and went on to invest in five consecutive rounds thereafter.
We believe in the long-term value of this sector, and even more so in the entrepreneurial spirit Xiaopeng embodies. Xpeng Motors is not merely a pioneer in the smart vehicle space, but an explorer of future transportation. 5Y Capital is incredibly fortunate to have been able to accompany and support Xiaopeng over the long term. We believe Xpeng Motors will continue to create value for users, make increasingly important contributions to future mobility, and turn imagination of the future into reality.
Best wishes to Xpeng Motors!
5Y Capital (formerly Morningside Venture Capital) currently manages approximately $5 billion across USD and RMB dual-currency funds. We believe the world becomes a better place when the crazy visions others doubt begin to be believed.
BEIJING · SHANGHAI · SHENZHEN · HONG KONG
