Xpeng closes lower after Alibaba unit sells 33M shares

Investing.com -- Xpeng shares closed lower Wednesday after an Alibaba (NYSE: BABA) subsidiary cut its stake China-based electric-vehicle maker, the company said in a regulatory filing.

Xpeng Inc (NYSE: XPEV) closed more than 3% lower.

Taobao China Holding Ltd., an Alibaba subsidiary, plans to sell 33 million American depositary shares of Xpeng. The offering was priced at $9.60 each, Bloomberg reported Wednesday, citing unnamed sources. This was at the low end of the offering, which was marketed at $9.60 to $9.75 each, the source told Bloomberg.

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