Analysis of XPeng-W (09868.HK) Becoming a Popular Stock in Hong Kong

XPeng-W (09868.HK) is the Hong Kong Stock Exchange-listed stock of XPeng Motors, with an associated US stock ticker XPEV, belonging to the automotive manufacturing industry under the consumer cyclicals sector [0]. As of December 18, 2025 UTC, XPEV’s stock price was $18.09 with a market capitalization of $17.19B [0].

The core reason for this stock becoming popular in Hong Kong is XPeng Motors’ announcement on December 15, 2025, of a strategic partnership with Malaysia’s manufacturing group EP Manufacturing Berhad (EPMB) to launch a localized electric vehicle production project in Malacca [1][2][3]. This is an important step in XPeng’s global expansion strategy; prior to this, the company had推进 similar production layouts in Indonesia and Austria [1]. The project plans to start mass production in 2026, initially producing the G6 electric SUV and X9 minivan, with subsequent expansion of the model lineup [2].

Due to technical issues preventing access to direct Hong Kong market data for 09868.HK, we refer to the price performance of the associated US stock XPEV: 1-day change of -2.03%, 5-day change of -6.97%, 1-month change of -20.00%, and year-to-date increase of 56.67% [0]. Despite recent short-term stock price declines, XPeng Motors’ stock price has achieved significant growth in the long term, which is related to the company’s progress in global expansion strategy and strong overseas delivery data—overseas deliveries from January to November 2025 reached 39,773 units, a year-on-year increase of 95%, and the sales network has covered 52 countries and regions [3].

1. Market Confidence Boost from Global Expansion Strategy
   : XPeng Motors’ localized production layout in Malaysia is an important initiative to accelerate its expansion into the ASEAN and global electric vehicle markets. The gradual implementation of this strategy has enhanced market confidence in the company’s long-term growth potential [1][2][3].
2. Divergence Between Analyst Expectations and Short-Term Volatility
   : Analysts have a consensus rating of “BUY” for XPEV with a target price of $34.00 (representing an 87.9% upside potential from the current stock price) [0], but the stock has fallen by 20% in the past month [0], reflecting the coexistence of market recognition of the company’s long-term value and short-term market volatility.

• ASEAN Market Expansion
  : The establishment of the Malaysia production base will help XPeng Motors reduce costs and enhance its competitiveness in the ASEAN electric vehicle market [1][2].
• Global Delivery and Sales Network Expansion
  : Overseas deliveries from January to November 2025 increased by 95% year-on-year, and the sales network covers 52 countries and regions [3], laying the foundation for the company to further promote global expansion.

• Profitability Challenges
  : XPeng Motors currently has a net profit margin of -7.10% and an ROE of -13.77%, indicating ongoing profitability pressure [0].
• Short-Term Stock Price Volatility
  : The stock has fallen by 20% in the past month, with high short-term volatility [0].
• Competition in Southeast Asian Market
  : The ASEAN electric vehicle market is highly competitive; XPeng Motors needs to compete with local and international brands.

XPeng-W (09868.HK) has become a popular stock in Hong Kong due to its announcement of establishing a localized electric vehicle production base in Malaysia. The company’s global expansion strategy has driven market expectations for its long-term growth; analysts have given a “BUY” rating and set a target price of $34.00. However, attention should be paid to the company’s profitability challenges, short-term stock price volatility, and competitive pressure in the Southeast Asian market. This report provides objective analysis and factual background and does not constitute investment advice.