The news comes as the Shanghai Stock Exchange began accepting IPO applications for its new tech board.
Meizu shipped only 8 million units in 2018, ‘mainly due to lack of funds.’
Xpeng Motors is priming for a public listing in New York where it could raise up to $1.1 billion from high-profile backers including Alibaba and Xiaomi.
Starting at $38,400, the sedan is designed to compete with Tesla’s Model 3.
Six-year-old Xpeng Motors now has a market capitalization of nearly $15 billion, nearing the size of a number of giant Chinese automakers.
Tesla requested access to Xpeng’s entire repository of autonomous-driving source code and clones of its executives’ hard drives.
The future for the $4 billion unicorn is uncertain amid concerns that it will be added to the US entity list.