World’s Largest Asset Manager Cuts Stake in XPeng in Q4 to 4.7%

Written by Cláudio Afonso | LinkedIn | X

BlackRock reduced its stake in Chinese carmaker XPeng in Q4 to 4.7%, a new regulatory filing showed late Wednesday. The world’s largest asset manager cut its stake by 12% between October and December 2024 to 72.77 million shares.

As of the end of 2024, BlackRock held 72.77 million shares in the Guangzhou-based company, with sole voting power over 68.29 million shares. The New York-headquartered firm had closed the third quarter with 82.8 million shares.

The asset manager sold 10.03 million shares in the last quarter of last year.

In the United States, shareholders with a stake of more than 5% in a publicly traded company must disclose their stake by filing a Schedule 13D or 13G with the Securities and Exchange Commission (SEC).

When the position falls below the $5 mark, the shareholder is required to report the new position.

XPeng’s institutional ownership peaked in early 2022, with over 250 million shares held by institutional investors. In the following two years — as the stock price dropped from over $50 to below $20 — the institutional ownership has fallen to about 100 million shares.

Currently, and according to Fintel, the carmaker has 227 institutional shareholders holding approximately 149.3 million shares.

XPeng shares nearly doubled over the last 12 months and reached a new yearly high at over $17.00. Year to date, the stock is up 40.02%.

In the second quarter of 2024, BlackRock had increased its position in XPeng by 46.96% from 1.05 million to 1.54 million shares.

In August, XPeng CEO Xiaopeng He purchased 1 million H-shares at an average price of HK$27.13 each and 1.42 million American depositary shares (ADS) at an average price of $7.02 per share.

As of the end of Q3 2024, the company’s founder held a stake of 18.8% in the company.

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