(Yicai Global) June 25 -- Chinese electric automaker XPeng Motors could raise as much as HKD15.3 billion (USD1.97 billion) from its secondary listing in Hong Kong next month.

Xpeng plans to sell 85 million shares globally, of which 42.5 million will be issued in Hong Kong, for up to HKD180 (USD23.19) each, the Guangzhou-based company said today. Xpeng will begin trading on the Hong Kong Stock Exchange on July 7.

The bourse said on June 23 that Xpeng, founded in 2014 and one of this year's top-sellers among Chinese new energy vehicle startups, had passed its listing hearing. Xpeng delivered 24,173 vehicles in January to May this year, a 427 percent surge from the same period last year, ranking it second among China’s NEV startups.

The funds raised will be used to expand the firm’s product portfolio, develop new technologies, introduce new vehicle models, improve hardware capabilities, expand its service, sales and super charge networks, enhance production capacity, and boost its visibility in overseas markets, including Europe.

XPeng’s New York-listed shares [NYSE: XPEV] fell 1.6 percent yesterday to USD40.95 each. It went public last August.

The firm had a net loss of CNY787 million (USD122 million) on revenue of CNY3 billion (USD465 million) in the first quarter of this year. Last year, its loss narrowed 26 percent to CNY2.7 billion, while revenue jumped 152 percent to CNY5.9 billion.

Editor: Peter Thomas