Ownership
| Hong Kong9868 | New YorkXPEV | Both | |
|---|---|---|---|
| Institutions hold | 322.18m | 94.29m | 416.46m |
| Of Class A | 20.6% | 6.0% | 26.6% |
| Last quarter | −8.4% | +3.4% | −6.0% |
| Last year | +10.3% | +4.8% | +9.0% |
| Highest on file | 351.60m | 112.06m | 442.81m |
Who owns the Class A shares
- 3% Founder and managers
- 12% Strategic companies
- 27% Institutions
- 59% Everyone else
Institutions over time
Both listingsHong KongNew York
Largest holders
of Class A · funds at 30 Jun, stakes as last disclosed| Shares | Of Class A | Since 31 Mar | |
|---|---|---|---|
| VolkswagenStrategic | 94.08m | 6.0% | — |
| BlackRockInstitution | 80.53m | 5.1% | −1.48m |
| AlibabaStrategic | 67.07m | 4.3% | unchanged |
| VanguardInstitution | 47.44m | 3.0% | +1.02m |
| Brian GuManager | 37.41m | 2.4% | — |
| CSOPInstitution | 32.05m | 2.0% | +1.68m |
| PRIMECAPInstitution | 25.03m | 1.6% | −0.43m |
| ChinaAMCInstitution | 23.96m | 1.5% | +0.44m |
| MorningsideStrategic | 20.57m | 1.3% | unchanged |
| Norges BankInstitution | 17.44m | 1.1% | −2.06m |
Share structure & control
As of 31 Oct 20261,570.2m
Class A shares in issue
1,918.9m
Total shares, with Class B
Where the Class A shares trade
- 27.5% XPEV, New York
- 72.5% 9868, Hong Kong
The New York shares are held for ADS holders by Citibank, the depositary.
At 31 Mar 2026 it held 430.37m Class A shares, standing for 215.18m ADSs.
69.2%
Of the votes held by He Xiaopeng, CEO
348.71m Class B shares · ten votes each · not traded
He holds all the Class B shares and 0.7% of the Class A shares.
Disclosed positions & capital
checked through 7 Nov 2026
How the 26.6% is counted416.46m shares
What the 26.6% is. It is the share of XPeng’s Class A shares that we can see in the hands of funds and asset managers. We add up the holdings that institutions have to report somewhere we can read: the 13F reports that US managers file for their ADSs, BlackRock’s Hong Kong notice, the lists that funds publish of their own holdings (US-registered funds, the Hong Kong trackers, the mainland fund houses, CalSTRS, Global X), and what Norges Bank states. Each holder is counted once.
What it does not count. Banks and market makers, because the 73.94m shares in their 13F reports (4.7% of Class A) are trading books and client business, not holdings. Hong Kong holders below 5%, because they do not have to tell anyone. Funds whose holdings lists no reader can open, which report only to data vendors. And mainland holders who come through Stock Connect, where funds and individuals cannot be told apart: they held 405.5m Class A shares at 30 Jun 2026, 25.9% of Class A. So 26.6% is the least it can be, and the true share is almost certainly higher.
| Shares | Of Class A | |
|---|---|---|
| New York | ||
| 13F managers, their ADSs as shares | 89.83m | 5.7% |
| BlackRock, its ADSs | 4.46m | 0.3% |
| New York | 94.29m | 6.0% |
| Hong Kong | ||
| BlackRock, its Hong Kong notice less derivatives and ADSs | 76.07m | 4.9% |
| US-registered funds, the Hong Kong shares they report | 80.64m | 5.1% |
| Funds that publish their own holdings: the Hong Kong trackers, the mainland houses, CalSTRS, Global X | 148.03m | 9.4% |
| Norges Bank, its stated share | 17.44m | 1.1% |
| Hong Kong | 322.18m | 20.6% |
| Both listings | 416.46m | 26.6% |
SEC 13F225 managers
Filed so far for 30 Sep
8 managers with 500,000 or more ADSs and options · ADSs / change since 30 Jun · a change is in what was reported, not a trade
Exchange Traded Concepts2.97m+1.06m
Barclays PLC1.62m+0.16m
Robeco Schweiz AG0.62m−11,300
IMC-Chicago0.61m−0.47m
Vontobel Holding0.41m+0.36m
Citigroup0.24m−1.12m
Simplex Trading0.16m−0.12m
All managers at 30 Jun
ADSs / change since 31 Mar · a change is in what was reported, not a trade
PRIMECAP Management12.52m−0.22m
Morgan Stanley9.59m+4.14m
Ghisallo Capital Management7.50m—
UBS Group AG5.58m+1.18m
Citadel Advisors4.04m+2.72m
Mirae Asset Global ETFs3.94m+0.17m
Susquehanna3.67m+1.85m
Primavera Capital Management3.31m—
Goldman Sachs2.27m−5.56m
Show all 225 managers
Options: calls on 20.71m · puts on 13.26m ADSs
Hong Kong notices3 holders
BlackRockLong 95.78mClass A 6.10%Short 2.80msince Jun +14.31m
| Long | Short | |
|---|---|---|
| Total | 95,780,437 | 2,795,468 |
| Since 2 Nov 2026 | +0.28m | −0.14m |
| Since 30 Jun 2026 | +14.31m | −0.71m |
| Held as | ||
| Controlled corporations | 95,780,437 | 2,795,468 |
| Of which through derivatives | ||
| Unlisted, cash settled | 3,489,710 | 2,788,840 |
Compared with the 30 Jun 2026 disclosure.
LongShort · shares
| Notice | Long | Of Class A | Short |
|---|---|---|---|
| 3 Nov 2026 | 95.78m | 6.10% | 2.80m |
| 2 Nov 2026 | 95.50m | 6.08% | 2.93m |
| 30 Oct 2026 | 96.16m | 6.12% | 2.93m |
| 29 Oct 2026 | 92.61m | 5.90% | 2.94m |
| 28 Oct 2026 | 92.72m | 5.90% | 3.02m |
| 27 Oct 2026 | 92.84m | 5.91% | 3.02m |
| 26 Oct 2026 | 93.65m | 5.96% | 3.03m |
| 23 Oct 2026 | 92.64m | 5.90% | 3.03m |
All 180 notices
JPMorganLong 77.55mClass A 4.93%Short 52.28msince Jun −33.69m
| Long | Short | |
|---|---|---|
| Total | 77,545,154 | 52,283,092 |
| Since 21 Oct 2026 | −1.00m | −0.27m |
| Since 30 Jun 2026 | −33.69m | −35.94m |
| Held as | ||
| Beneficial owner | 49,814,466 | 49,139,416 |
| Investment manager | 844,246 | 3,143,676 |
| Security interest | 484,408 | 0 |
| Trustee | 49,304 | 0 |
| Lending pool | 26,352,730 | 0 |
| Of which through derivatives | ||
| Listed, physically settled | 25,451,178 | 21,818,178 |
| Listed, cash settled | 564,302 | 1,224,766 |
| Unlisted, physically settled | 2,189,540 | 8,268,756 |
| Unlisted, cash settled | 22,069,701 | 13,651,240 |
JP Morgan Chase & Co. ceased to have a notifiable interest in the shares. Class A shares in issue at the event: 1,570,220,852.
Compared with the 30 Jun 2026 disclosure.
LongShort · shares
| Notice | Long | Of Class A | Short |
|---|---|---|---|
| 22 Oct 2026 | 77.55m | 4.93% | 52.28m |
| 21 Oct 2026 | 78.54m | 5.00% | 52.55m |
| 12 Oct 2026 | 78.32m | 4.98% | 53.39m |
| 9 Oct 2026 | 78.75m | 5.01% | 53.49m |
| 7 Oct 2026 | 78.40m | 4.99% | 53.11m |
| 29 Sep 2026 | 78.68m | 5.01% | 55.09m |
| 22 Sep 2026 | 77.47m | 4.93% | 55.80m |
| 21 Sep 2026 | 78.64m | 5.00% | 56.89m |
All 38 notices
Goldman SachsLong 77.58mClass A 4.95%Short 41.75msince Jun —
| Long | Short | |
|---|---|---|
| Total | 77,575,034 | 41,750,313 |
| Since 5 Jun 2026 | −2.20m | +0.17m |
| Held as | ||
| Controlled corporations | 77,575,034 | 41,750,313 |
| Of which through derivatives | ||
| Listed, physically settled | 43,087,012 | 25,194,968 |
| Listed, other | 322 | 200,488 |
| Unlisted, physically settled | 2,168,632 | 833,136 |
| Unlisted, cash settled | 23,191,435 | 4,919,955 |
| Unlisted, other | 0 | 47,337 |
Class of shares concerned is Class A ordinary shares. Reportable security interest in the shares has reduced. In relation to Box 21, derivative interests held under code 4104 and 4108 is an Equity-Linked Note.
LongShort · shares
| Notice | Long | Of Class A | Short |
|---|---|---|---|
| 9 Jun 2026 | 77.58m | 4.95% | 41.75m |
| 5 Jun 2026 | 79.77m | 5.09% | 41.58m |
| 15 Apr 2026 | 77.90m | 4.98% | 44.61m |
| 10 Apr 2026 | 79.36m | 5.07% | 45.55m |
| 2 Apr 2026 | 67.08m | 4.28% | 46.84m |
| 1 Apr 2026 | 78.87m | 5.04% | 46.84m |
| 23 Mar 2026 | 78.08m | 4.99% | 47.24m |
| 10 Mar 2026 | 83.26m | 5.33% | 46.87m |
All 12 notices
Fund reports207 funds
The largest ten of 207 funds · in shares, an ADS as two
CSOP Hang Seng TECH Index ETF32.05m
ChinaAMC Hang Seng TECH ETF (QDII), 51318022.75m
Vanguard Capital Opportunity Fund16.48m
Reported as VANGUARD CAPITAL OPPORTUNITY FUND
E Fund Hang Seng TECH ETF (QDII), 51301014.44m
Dacheng Hang Seng TECH ETF, 1597408.71m
ICBC Credit Suisse HK Stock Connect Tech 30 ETF, 1596367.65m
Tianhong Hang Seng TECH ETF, 5209207.01m
iShares Hang Seng TECH ETF6.78m
Invesco Great Wall HK Stock Connect Tech ETF, 5139805.78m
GF Fund Hang Seng TECH ETF, 5133805.41m
All 207 funds
Three reported fund shorts
Acap Strategic Fund3.22m
Reported as ACAP Strategic Fund
Advantage Advisers Xanthus Fund, L.L.C.0.91m
Blackstone Alternative Multi-Strategy Fund71,800
Norges Bank reports 0.91% ownership and 0.35% voting rights at 30 Jun 2026, with no share count. Source
Strategic stakes and directors9 holders
Volkswagen5.99%of Class A
Volkswagen Finance Luxemburg: 94,079,255 Class A shares, as last disclosed on 17 Sep 2026; the same group stake is counted once. HKEX notice
Alibaba4.28%of Class A · ADSs only
Morningside1.31%of Class A · ADSs only
Directors and executives50.55m Class A shares
Brian Gu37.41m+250,000
Honorary vice-chairman and co-president · in XPeng's filings: Hongdi Brian Gu
Includes shares held through Quack Holding Limited.
Latest change: 250,000 Class A shares received on the vesting of awards on 2 Oct 2026.
750,000 share awards have not vested and are not counted.
He Xiaopeng11.34m
Co-founder, chairman and chief executive · in XPeng's filings: Xiaopeng He
He also holds all the Class B shares.
Includes shares held through Simplicity Holding Limited and Galaxy Dynasty Limited.
28,506,786 share awards have not vested and are not counted.
Wang Fengying1.65m+600,000
President · in XPeng's filings: Fengying Wang
Latest change: 600,000 Class A shares received on the vesting of awards on 1 Apr 2026.
600,000 share awards have not vested and are not counted.
James Wu124,674+43,558
Vice-president of finance and accounting · in XPeng's filings: Jiaming (James) Wu
Latest change: 43,558 Class A shares received on the vesting of awards on 2 Jul 2026.
43,558 share awards have not vested and are not counted.
Donghao Yang18,144+9,072
Independent director
Latest change: 9,072 Class A shares received on the vesting of awards on 14 Jul 2026.
9,072 share awards have not vested and are not counted.
Fang Qu11,550
Independent director
4 executives and 2 independent directors with a disclosed holding; not the full leadership.
Float, buyback, awards and capital events16 events
Free float1,425.59m90.8% of Class A
| Class A shares | Of Class A | |
|---|---|---|
| In issue | 1,570,220,852 | |
| He Xiaopeng | −11,339,844 | 0.72% |
| Other directors and executives | −39,209,553 | 2.50% |
| Volkswagen | −94,079,255 | 5.99% |
| Free float | 1,425,592,200 | 90.79% |
XPulse estimate, not a company figure. It is 74.3% of all shares, the unlisted Class B included. Institutions and Alibaba count as float. Class A in issue at 31 Oct 2026; holdings as last disclosed, 1 Apr to 2 Oct 2026.
Monthly return · Interim report · HKEX notice · Form 4, 14 Jul · Form 4, 2 Oct · Form 4, 1 Apr · Form 4, 2 Jul
Buyback authority10%
Outstanding RSUs51.32m3.27% of Class A
51,322,129 RSUs at 30 Jun 2026; not all are future new shares. Source
Left to grant under the 2025 scheme’s limit: 147,965,251 shares after the grant of 16 Oct 2026. Source Awards that lapse go back to it; it is separate from the awards outstanding.
| Grant | RSUs | Left to grant |
|---|---|---|
| 2025 Share Incentive Scheme | ||
| 16 Oct 2026 · 75 employees | 4,591,246 | 147,965,251 |
| 15 Jul 2026 · 47 employees | 1,255,122 | 152,186,043 |
| 17 Apr 2026 · 69 employees | 2,256,962 | 153,106,913 |
| 16 Jan 2026 · 69 employees | 1,309,838 | 155,236,851 |
| 1 Oct 2025 · 318 employees, 1 senior manager | 5,075,940 | 156,127,649 |
| 11 Jul 2025 · 44 employees | 913,428 | 161,200,727 |
| 19 Mar 2025 · He Xiaopeng* | 28,506,786 | — |
| 2019 Equity Incentive Plan | ||
| 11 Apr 2025 · 60 employees | 2,093,884 | — |
| 17 Jan 2025 · 89 employees | 3,028,020 | — |
* He Xiaopeng’s grant was conditional and approved by shareholders at the annual general meeting on 27 Jun 2025 (Source). It vests in three equal parts as the share price, averaged over 30 trading days, first reaches HK$250, HK$500 and HK$750.
A grant issues no shares on its day; shares are issued only as awards vest.
Details & sources
Institutional positions: three separate reports. The estimate at the top adds them, each holder counted once, and says so; the records themselves are never added together.
Each Class B share carries ten votes, each Class A share one. His share of the votes is XPulse’s arithmetic: the shares he held at 30 Jun 2026, as last disclosed, counted against all the shares in issue at 31 Oct 2026, from the monthly return.
Interim report · Form 20-F · March monthly return · Oct 2026 monthly return · Oct 2025 monthly return · Stock Connect holding, HKEX
What the abbreviations mean
- ADS
- American depositary share, the unit XPEV trades in New York; each is two Class A shares.
- 13F
- the report of the shares it holds that a large US fund manager files each quarter, within 45 days of the quarter's end.
- N-PORT
- a US fund's monthly report of its holdings, made public for the last month of each quarter.
- RSU
- restricted share unit: a share award paid out later, once its conditions are met.