Hong Kong Stock Market News | XPENG-W opens more than 6% lower, Alibaba reduces holdings, with a net loss of over 10 billion last year

XPENG-W opened more than 6% lower, as of the time of writing, it fell by 6.54% to HKD 37.9, with a turnover of HKD 2241.37 million. On the news front, XPeng's 144 form submitted to the U.S. Securities and Exchange Commission shows that Alibaba's subsidiary Taobao China Holding Limited plans to sell 33 million shares of XPeng, with a total value of approximately USD 314 million. The sale is expected to take place around March 20, 2024. It is reported that on March 20, XPeng announced the termination of the director appointment agreement with Taobao China, a subsidiary of Alibaba. In addition, XPeng recently released its financial report for the fourth quarter and full year of 2023, which showed that XPENG-W's total revenue in 2023 was RMB 30.68 billion, a year-on-year increase of 14.2%; net loss was RMB 10.38 billion, a year-on-year expansion of 13.57%. It is worth noting that although XPENG-W's automotive gross margin finally turned positive in the fourth quarter of last year, the full-year automotive gross margin for the year was still negative at 1.6%. Furthermore, in 2023, XPeng delivered a total of 142,000 vehicles, achieving only 70% of the annual target