The Alibaba-backed (BABA) Chinese language electrical carmaker mentioned on Thursday that it bought greater than 99.7 million shares for $15 every in its Wall Street debut, elevating about $1.5 billion. It had initially deliberate to promote 85 million shares priced between $11 and $13.Xpeng stock will start buying and selling on the New York Stock Trade on Thursday, beneath the ticker XPEV. The IPO comes as Chinese language companies listed in New York face heightened scrutiny from US officers. Earlier this month, an advisory council run by US Treasury Secretary Steven Mnuchin beneficial that regulators require higher entry to the accounts of Chinese language companies searching for to checklist on US stock exchanges. An accounting scandal at Luckin Espresso (LK), which began buying and selling in New York final yr, has additionally contributed to the hostile atmosphere for Chinese language corporations. Following that controversy, the US Senate unanimously authorised laws in May that will stop corporations that refuse to open their books from itemizing on Wall Street, a transfer its sponsors mentioned was designed to “kick deceitful Chinese language corporations off US exchanges.” The invoice nonetheless must be authorised by the Home of Representatives and signed by the president earlier than turning into regulation. In filings to the US Securities and Trade Fee earlier this month, Xpeng cited the US regulatory atmosphere and the potential passage of the invoice as dangers for buyers to contemplate.”Enactment of any of such laws or different efforts to extend the US regulatory entry to audit info may trigger investor uncertainty for affected issuers, together with us, and the market price of the [US shares] may very well be adversely affected,” the electrical automobile maker mentioned.Based in 2015, Xpeng is predicated in Guangzhou and likewise has an workplace in Silicon Valley.It is not the one Chinese language electrical automaker courting buyers in the USA. Li Auto went public on the Nasdaq final month. And shares of Nio (NIO), which as soon as positioned itself as China’s “Tesla killer,” have spiked 408% in New York thus far this yr, based on knowledge from Refinitiv.Xpeng is a part of a crowded discipline of electrical automobile makers in China, the world’s largest auto market. The American carmaker Tesla (TSLA) not too long ago upped its sport within the nation by slashing costs for shoppers and producing vehicles at its Shanghai Gigafactory.— Michelle Toh contributed to this report.