Xpeng Motors-W (09868.HK) Popular Stock Analysis Report

Xpeng Motors-W (09868.HK) became a popular stock in the Hong Kong market on January 5, 2026, due to the combined effect of multiple events:

1. Long-term positive: Delivery volume exceeds expectations
   。The full-year 2025 delivery volume reached 429,400 units, a year-on-year increase of 126%, indicating improved product competitiveness and effective market expansion [3].
2. Short-term negative 1: Subsidy policy adjustment
   。The 2026 new energy vehicle trade-in subsidy policy was introduced, with subsidies for mid-to-low-end models declining while subsidies for high-end models remained relatively stable. This led to an overall decline in the auto sector on the day, and Xpeng Motors, as a representative of new energy vehicles, received attention [2].
3. Short-term negative 2: Rumors of executive changes
   。There were market rumors that Chen Yonghai, Vice President of Xpeng Motors’ Product Operations Center, resigned, and his position was temporarily taken over by President Wang Fengying, which raised market concerns about the company’s management and strategic direction [1].
   In terms of price and trading volume: The stock opened 1.3% lower, fell by 4.3% intraday, and closed at HK$76.95-HK$77.10, with a decline of approximately 4.0%-4.2%. The trading volume was 6.8121 million shares, involving HK$527 million, which was higher than the daily average, reflecting increased market attention [1][2]. The company’s 52-week stock price range was HK$45.15-HK$110.80 [3].

1. Structural differences in policy impact
   。The adjustment of subsidy policies has differentiated impacts on mid-to-low-end and high-end models. If Xpeng Motors’ product structure tilts toward high-end models, it may be less affected by the policy; otherwise, sales and profit pressures need to be watched [2].
2. Potential impact of executive changes
   。Chen Yonghai was responsible for product-related businesses. If his resignation is true, it may short-term affect the company’s product planning and operational rhythm, and subsequent strategic adjustments of the company need to be watched [1].
3. Duality of market sentiment
   。The superposition of long-term positive signals from delivery growth and short-term negative factors led to divided investor sentiment. The short-selling ratio on the day reached 30.53%, reflecting a cautious short-term market attitude [1].

1. Policy uncertainty
   。Continuous adjustments to subsidy policies may affect the sales and profit levels of the company’s mid-to-low-end models [2].
2. Executive change risk
   。If the resignation rumors are true, it may have a short-term impact on the company’s product R&D and market operations [1].
3. Market competition pressure
   。The new energy vehicle market is highly competitive, and industry price wars may squeeze the company’s gross profit margin [0].

1. Sustainability of delivery growth
   。The strong 2025 delivery growth indicates strong product demand. If the growth momentum is maintained, it is expected to enhance market position and investor confidence [3].
2. Policy support for high-end market
   。Subsidy policies are relatively stable for high-end models. If the company accelerates the layout of high-end models, it may benefit from policy support [2].

The core data and events of this analysis include: Xpeng Motors’ 2025 delivery volume increased by 126% year-on-year to 429,400 units; on January 5, 2026, the stock price fell by approximately 4% with a trading volume of 6.8121 million shares; the adjustment of subsidy policies led to the decline of subsidies for mid-to-low-end models; rumors of executive changes raised market attention. The above information provides investors with an objective background of Xpeng Motors’ current market performance and potential influencing factors, and does not constitute investment advice.