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On March 25th, in response to Alibaba's sale of 33 million shares of Xiaopeng Motors' American Depositary Receipts (ADRs), personnel from Xiaopeng Motors stated that Alibaba is making strategic adjustments to fully shrink its non e-commerce core business, rather than targeting Xiaopeng Motors alone. Since December last year, Alibaba's shareholding in Xiaopeng has decreased.
According to information disclosed by the Hong Kong Stock Exchange, on March 22, Alibaba subsidiary Taobao China Holdings Limited completed the sale of 33 million American Depositary Receipts (ADRs) held by Xiaopeng Motors, reducing its shareholding from 9.23% to 4.94%.
Hong Kong Stock Exchange
"Alibaba's actions this time have little impact on Xiaopeng's own business, and the company's core business data is currently improving." Xiaopeng Automobile personnel said that Xiaopeng and Alibaba will continue to cooperate in research and development, marketing service systems, and Alibaba and Alibaba Cloud are still one of Xiaopeng Automobile's most important strategic partners.
This is not the first time Alibaba has reduced its holdings in Xiaopeng Motors. In December 2023, Alibaba sold 25 million American Depositary Receipts (ADRs) from Xiaopeng Motors, totaling approximately $391 million.
On March 19th, Xiaopeng Motors released its financial reports for the fourth quarter and full year of 2023. In 2023, Xiaopeng Automobile's losses further expanded to 10.38 billion yuan, and its gross profit margin continued to decline to 1.5%. The gross profit margin of automobiles was -1.6%, while the gross profit margins of Ideal and NIO were 22.2% and 5.5% respectively during the same period.
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