Xpeng Motors has guided its Hong Kong listing pricing at HK$165 a share, Bloomberg reported Wednesday. That sits below the company's previously announced maximum offering price of HK$180.

Xpeng passed its listing hearing on the Hong Kong Stock Exchange on June 23, and on June 24, it filed a preliminary prospectus with the US Securities and Exchange Commission showing a maximum offering price of HK$180 per share or $23.19, equivalent to $46.39 per ADS, for a public offering in Hong Kong.

If Xpeng were priced at HK$165 in Hong Kong, it would be equivalent to $42.52 per ADS.

Xpeng's US-traded shares fell 2.18 percent to $44.32 on Tuesday. The stock is up 4.8 percent over the past six months.

Xpeng's public offering in Hong Kong began at 9 am last Friday and has been 2 times oversubscribed in less than two business days.

Xpeng is offering 85 million Class A common shares in a global offering, including 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 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.

Xpeng's shares traded in the US fell 2.18 percent to $44.32 on Tuesday. The stock has gained 4.8 percent in the past six months.