Hong Kong Stock Market News | Xpeng Motors-W drops more than 4%, head of procurement department suspended, market concerned about intensified short-term competition.

According to the information obtained from the Zhitong Finance APP, Xpeng Motors-W (09868) is currently down more than 4%, as of the time of writing, it has fallen by 3.87% to HKD 64.5, with a turnover of HKD 266 million.

On the news front, according to a report by "Jiemian News" on October 10th, Xpeng Motors announced internally on October 9th that the head of the procurement department was suspended and several employees were cooperating with the investigation. Informed sources said that during the internal meeting on that day, the head of the procurement department, Li Feng, was suspended, and several employees were named to stay and cooperate with the investigation, involving more people than the previous incident at the beginning of the year. In response to this, Xpeng Motors responded to Jiemian News that the company's actions are normal anti-corruption and integrity measures.

It is worth noting that according to a report by 36Kr, Ideal Motors recently held its autumn strategic meeting. The report stated that the data of the new models recently released by Huawei is very impressive, and Ideal Motors discussed the plan to deal with Huawei, choosing a "complementary strengths" strategy to temporarily avoid the competition from Huawei's new model M7. The market is concerned about the intensification of short-term competition.