Daiwa Securities initiated coverage of Xpeng Motors Hong Kong shares with a Buy rating and a HK$200 price target, according to Sina.com.cn.

Xpeng closed up 3.08 percent to HK$173.88 in Hong Kong on Wednesday, and Daiwa's price target implies a 15 percent upside.

Daiwa expects Xpeng to be a leader in China's autonomous driving space and a leader in its commercialization process.

The team believes Xpeng will be profitable by 2022.

The Sina report did not provide further details.