Analysis of the Drivers Behind XPeng Inc.-W (09868.HK)'s Rising Popularity in Hong Kong Stock Market and Its Market Impact

XPeng Inc.-W (09868.HK), a leading Chinese new energy vehicle manufacturer, has recently become a focus in the Hong Kong stock market [0]. Its popularity mainly stems from three aspects: first, outstanding Q3 performance—total revenue of 20.38 billion yuan (YoY +101.8%), delivery volume of 116,000 units (YoY +149.3%), and gross margin rising to 20.1% [0]; second, institutions raising target prices one after another—Goldman Sachs raised its target price to HK$96 [4], Bank of America Securities to HK$109 [5]; third, technological breakthroughs—it announced the launch of three self-developed mass-produced Robotaxis in 2026 [1] and plans to achieve large-scale mass production of the IRON humanoid robot by the end of the year [6]. In terms of industry environment, the wholesale sales volume of new energy passenger vehicles reached 4.024 million units in Q3 2025 (YoY +24.2%) [0], providing support for the company’s development.

1. Dual Listing Advantage: As the first Chinese new energy vehicle startup to be dual primary listed in Hong Kong and New York [0], XPeng Inc.-W can attract more international investors and enhance liquidity.
2. R&D Investment: Q3 R&D investment increased by 48.7% to 2.43 billion yuan [0], showing the company’s emphasis on cutting-edge technologies such as intelligent driving and humanoid robots, which is also an important reason for institutions’ optimism [4][5].
3. Alignment with Industry Trends: The new energy vehicle industry is growing overall [0], and intelligence is the future direction; XPeng’s full-stack independent R&D capability gives it an advantage in competition [7].

• Opportunities
  : The launch of Robotaxi and humanoid robot businesses will open up new growth space [1][6]; institutions raising target prices reflects market confidence [4][5]; the industry growth trend continues [0].
• Risks
  : The new energy vehicle industry is highly competitive; if technological progress is not as expected, it may affect the stock price [0]; macroeconomic fluctuations may impact consumers’ willingness to purchase cars [8].

The popularity of XPeng Inc.-W (09868.HK) is the result of the combined effect of its performance, technology, and industry environment. The strong Q3 performance verifies the company’s development potential, and the positive ratings from institutions further enhance market confidence. In the future, its progress in intelligent driving and emerging businesses (such as Robotaxi and humanoid robots) will be key factors affecting the stock price