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BUZZ-Xpeng's HK shares fall most in 2 weeks as co reports slower Aug delivery growth

reuters.com · 09/01/2021 22:40
BUZZ-Xpeng's HK shares fall most in 2 weeks as co reports slower Aug delivery growth

** Hong Kong-listed shares of electric vehicle maker Xpeng Inc XPEV fall 4.6% to HK$156.60, their biggest daily percentage decline since Aug 17

** Stock on track to snap two straight sessions of gains; the biggest percentage decliner in the Hang Seng Composite Index .HSCI

** The Guangdong, China-based co says it delivered 7,214 vehicles in August, up 172% from a year-ago period nASA02KNU

** That was compared with 8,040 vehicles delivered in July, which was up 228% year-on-year

** Brokerage Daiwa maintains "buy" rating on the stock saying August delivery was down by 10% month-on-month, but it is positive on likely sales boost from the pace of Xpeng's launch of new models and believe the EV maker would beat its Q3 target

** Citi says Xpeng's August delivery was in-line with expectations, and it expects overall deliveries in September to be around 10% higher than July's sales volume

** The Hang Seng Tech Index .HSTECH jumps 2.8% and the Hang Seng Composite Index .HSCI gains 1%

** The Hang Seng China Enterprises Index .HSCE rises 1.4% and the benchmark index .HSI climbs 0.9%



(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))