The American depositary receipts (ADRs) of Chinese electric vehicle (EV) manufacturer Xpeng (NYSE: XPEV) accelerated nearly 7% higher on Friday, following the company's Hong Kong-listed stock gain of 12%. China International Capital Corporation (CICC) has initiated coverage on Xpeng stock with an outperform (i.e., buy) recommendation. It has put a $46 price target on the ADRs, 13% higher than the latest closing price.
Malaysia's Top Glove Corp Bhd is betting that pandemic-induced sales can provide enough fuel for its $1.9 billion Hong Kong listing to break through the headwind of U.S. sanctions and the prospect of slower growth as vaccinations become widespread. Analysts said the unknown pace of vaccination programmes mean the world's largest medical gloves maker could command a higher price for its stock by listing sooner rather than later, while the firm when announcing its plan on Friday talked up post-pandemic sales likely exceeding pre-pandemic levels. The bullish stance comes even as Citigroup Inc and UBS Group AG opted out of working on the deal in the wake of the U.S. sanctions on Top Glove over allegations of forced labour practices, people with knowledge of the matter said.