China’s Xpeng Motors has won approval to list its shares on the Hong Kong Stock Exchange, according to a Bloomberg report citing people close to the matter.

The electric vehicle startup, which went public on the New York Stock Exchange (NYSE) last year, aims to raise US$2bn with its new Hong Kong listing later this year.

Xpeng’s Hong Kong listing, which will be supported by JPMorgan Chase and Bank of America, will allow Chinese residents to invest in its shares through the Stock Connect programme which links the Hong Kong and Chinese mainland stock markets.

Other NYSE-listed Chinese EV startups including Nio and Li Auto also plan to list in Hong Kong.

In April, the company announced plans to build a new integrated manufacturing facility in Wuhan with a production capacity 100,000 vehicles and powertrains per year.

Xpeng sold just over 27,000 vehicles in 2020, double the previous year’s volume, with production outsourced to Haima Automobile.

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Sales in the first five months of 2021 surged by 427% to 24,173 units.