Hon Hai Precision Industry Co Ltd
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Based in Taiwan, Province Of China
Company profile

Hon Hai Precision Industry Co Ltd is a Taiwan-based company mainly engaged in the provision of various connectors, housings, radiators, assembled products and related products related to the information industry, communication industry, automation equipment industry, optoelectronics industry, precision machinery industry, automotive industry, and consumer electronics industry, as well as the manufacture and sale of network cable assembly and other products. The Company's products include components, modules and system assembly products in the fields of computers, modules and consumer electronics (3C) electronic products. The components include 3C connectors, wire-mounted products and other components. The modules include mechanical modules and electronic modules. The system assembly products include assembly of finished products of 3C products. The Company operates businesses in domestic and overseas markets.

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UPDATE: XPeng stock resumes selloff after upsized share offering prices at near 8% discount

3:00 pm ET December 9, 2020 (MarketWatch)

Tomi Kilgore

XPeng raised more than $2 billion, as the offering was boosted by 20% to 48 million shares

Shares of XPeng Inc. resumed their selloff Wednesday, after the China-based electric vehicle maker's upsized public share offering priced at a discount of nearly 8%.

The company raised $2.16 billion in the offering, as it sold 48 million American depositary shares (ADS) at $45 per ADS.

XPeng (XPEV) had previously expected to sell 40 million ADS (https://www.marketwatch.com/story/xpeng-stock-drops-to-extend-selloff-after-public-share-offering-11607341599)to the public, and the pricing was 7.6% below Tuesday's closing price of $48.69.

The stock shed 8.3% in afternoon trading. It had bounced 0.8% on Tuesday, to snap a three-day losing streak in which it shed 13.8%.

Shares of other China-based EV makers also fell, reversing earlier gains seen before the opening bell. Nio Inc.'s stock (NIO) slid 4.8% in afternoon trading, erasing a premarket gain of as much as 1.6%, while Li Auto Inc. shares (LI) reversed an early intraday gain of as much as 3.9% to trade down 2.1%.

XPeng could sell up to an additional 7.2 million shares, if the underwriters of the offering exercise all of the options granted to cover overallotments. That could boost what XPeng raises to roughly $2.5 billion.

The proceeds will be used for research and development of XPeng's smart EVs, sales and marketing, potential strategic investments and general corporate purposes.

Xpeng's stock, which went public on Aug. 27, has tumbled 24.0% this month, but has still soared 147.0% over the past three months. In comparison, Nio shares have run up 145.2% the past three months and Li Auto's stock has climbed 106.3%, while shares of both the iShares MSCI China exchange-traded fund (MCHI) and the S&P 500 index have gained 8.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

December 09, 2020 15:00 ET (20:00 GMT)

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