On September 10, XPENG-W fell 3.69% in regular trading, trading at HK$40.74 per share, with turnover of HK$44.80 million. The decline came as overnight weakness in US equities spilled over into Hong Kong markets, with XPENG-W's US-listed shares having closed down 3.29% in the prior session.

The broader Hong Kong market opened under pressure, with the Hang Seng Index falling 1.15% at the open. The auto manufacturing sector saw broad-based selling, with NIO dropping over 4% and BYD declining over 1%. Adding to the bearish sentiment, JPMorgan's disclosed short position in XPENG-W climbed to 4.25% as of September 3, up notably from 3.68% previously, signaling growing institutional caution.

Fundamentally, XPENG-W reported August deliveries of 39,107 vehicles, representing only a 4% year-over-year increase — significantly trailing peers such as Leapmotor and Zeekr. The company's first-half results showed revenue of RMB 32.78 billion, down 3.84% year-over-year, while net loss attributable to shareholders widened 173.35% to RMB 3.12 billion, translating to an estimated loss of approximately RMB 18,800 per vehicle delivered.

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