The Hong Kong public offering of Chinese electric vehicle company Xpeng Motors, which began at 9 am last Friday, has been oversubscribed 2 times in less than two business days.

As of 2 pm local time Monday, Xpeng recorded a margin subscription of HK$2.32 billion, according to Hong Kong Economic Times.

If the public offering portion of the fundraising of HK$765 million is taken into account, Xpeng received about two times the oversubscription, the report said.

Of the total, Futu Holdings lent a margin of HK$1.67 billion, Valuable Capital lent HK$400 million, Phillip Securities lent HK$100 million and Bright Smart lent HK$100 million.

Typically, shares of companies looking to list in Hong Kong will be oversubscribed, with multiples varying depending on investor enthusiasm.

Xpeng is offering 85 million Class A common shares in a global offering, consisting of an international offering of 80.75 million Class A common shares and a Hong Kong public offering of 4.25 million Class A common shares.

Xpeng's Hong Kong public offering begins at 9 am local time Friday with a maximum offering price of HK$180 per share, according to the company's prospectus.

Xpeng is expected to start trading in Hong Kong under the ticker symbol "9868" on July 7, just two weeks after its rumored Hong Kong listing was confirmed.

For investors subscribing to Xpeng shares in Hong Kong, they will have to pay a brokerage fee of 1 percent, a 0.0027 percent Hong Kong Securities and Futures Commission trading fee and a 0.005 percent Stock Exchange trading fee.

This means that the initial cost for an investor to buy Xpeng in Hong Kong is at least HK$18,181.386.

As is customary for companies listed in Hong Kong, Xpeng is expected to announce on July 6 that investors have received the placement. Investors can trade on the grey market from 16:15-18:30 Beijing Time on the same day.