XPEV - Alibaba Cuts Stake In Chinese EV Giant XPeng Citing Capital Management Goals | Benzinga
The U.S.-traded shares of XPeng Inc. (NYSE: XPEV) experienced a notable decline on Friday, following Alibaba Group Holding Limited's (NYSE: BABA) announcement to reduce its stake in the Chinese electric vehicle (EV) manufacturer.
Alibaba's decision comes as it aims to reshape its investment strategy and capital management.
Alibaba, through its subsidiary Taobao China Holding Ltd., disclosed plans to decrease its stake in XPeng from 10.2% to 7.5%, equating to a sale of about 25 million American depositary receipts worth approximately $391 million, per a news report by Bloomberg.
Alibaba's spokesperson told Bloomberg that this ...