XPeng stock jumps as Chinese Tesla rival reportedly gets approval for Hong Kong IPO – MarketWatch

Chinese electric-car maker Xpeng has won approval for a Hong Kong initial public offering that could raise up to $2 billion, according to multiple reports. The Tesla TSLA, +4.85% rival, which is already listed on the New York Stock Exchange and has a market value of more than $30 billion, has been given the green light by Hong Kong regulators, The Wall Street Journal reported , citing a person familiar with the situation. China is seen as a key market for electric vehicles, and new entrants such as Xpeng and NIO NIO, +3.78% have emerged in recent years as rivals…