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XPENG Completes RMB964 Million Debut Issuance of Auto Leasing Carbon-neutral Asset-backed Securities on the Shanghai Stock Exchange
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
XPeng Inc. has successfully completed its debut issuance of RMB964 million (approx. US$133.5 million) in carbon-neutral asset-backed securities (ABS) on the Shanghai Stock Exchange. This marks the company's second ABS issuance in China, following its first on the Shenzhen Stock Exchange earlier this year. The issuance achieved record-low coupon rates among Chinese emerging automakers, with rates of 2.80% and 3.00% for senior tranches rated AAA and AA+, respectively. XPeng's strong ESG initiatives contributed to this positive investor reception.
Positive
Successfully issued RMB964 million in carbon-neutral ABS, enhancing liquidity.
Achieved record-low coupon rates of 2.80% (AAA) and 3.00% (AA+), improving financing cost structure.
Second ABS issuance demonstrates diversification in financing channels.
GUANGZHOU, China--(BUSINESS WIRE)--
XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV, HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced that its subsidiary, Guangzhou Xiaopeng Automotive Financial Leasing Co., Ltd., has successfully concluded its debut issuance of RMB964 million (app. US$133.5 million) automobile leasing carbon-neutral asset-backed securities (“ABS”) on the Shanghai Stock Exchange.
XPENG G9 (Photo: Business Wire)
The issuance marks XPENG’s second ABS issuance in its home capital market, further diversifying its direct financing channels on the two major exchanges in China following its debut ABS issuance on the Shenzhen Stock Exchange in March this year.
The issuance is also the first automobile leasing financing on the Shanghai Stock Exchange focusing on asset-backed securities in specialized, sophisticated and innovative new enterprises.
The ABS issuance received an enthusiastic response from institutional investors in China, achieving record-low coupon rates for automobile leasing ABS among China’s emerging automakers. The issued ABS in the senior A tranche with a debt rating of AAA have a coupon rate of 2.80%. The issued ABS in the senior B tranche with a debt rating of AA+ have a coupon rate of 3.00%.
The successful financing highlights investors’ recognition of XPENG’s carbon neutrality and ESG (Environmental, Social and Governance) initiatives, as well as its ongoing commitment to sustainability.
On September 27, XPENG received an MSCI ESG rating of AA for the year 2022, its third consecutive annual AA rating by MSCI ESG Research, ranking top among carmakers worldwide for ESG performance. In addition, on September 23, XPENG received an industry-leading ESG score of 49 from the Dow Jones Sustainability Index (DJSI), representing a 48% increase from 2021 and a leading score among Chinese automakers.
About XPeng Inc.
XPeng Inc. (“XPENG”) is a leading Chinese Smart EV company that designs, develops, manufactures, and markets smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plant in Zhaoqing, Guangdong province. For more information, please visit https://heyXPENG.com.
