Chinese electric vehicle company Xpeng Motors has filed with the US Securities and Exchange Commission that it plans to issue 85 million ADSs in a proposed IPO on the New York Stock Exchange.

Each ADS represents two shares of Xpeng's common stock, with an offering guidance price of $11 to $13 per ADS, and Xpeng expects to raise up to $1.27 billion.

Xpeng officially filed its prospectus on August 8, 2020 under the ticker symbol "XPEV".

For the first half of the year ended June 30, 2020, Xpeng reported revenue of $142 million, gross profit of -$5.11 million, gross margin of -3.6%, operating expenses of $202 million, and net loss of $113 million.

Xpeng is expected to trade on the New York Stock Exchange next week, possibly on August 27, Chinese website ifnews.com cited a source as saying.

Xpeng's management currently holds a 40.9% stake in the company, with its largest shareholder, Chairman He Xiaopeng, holding 31.6%.

Alibaba is the largest institutional shareholder with a 14.4% stake. Other major shareholders include Xiaomi, GGV Capital, and Morningside Venture Capital.