(Bloomberg) — Alibaba Group Holding Ltd. raised $317 million from the sale of about 33 million of US-traded shares of XPeng Inc., a person familiar with the matter said.

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Taobao China Holding Ltd., an Alibaba subsidiary, has priced the American depositary shares at $9.60 each, according to the person. The stake in the Chinese electric vehicle maker was marketed at $9.60 to $9.75 per ADR, the person said, asking not to be identified as the information isn’t public.

The pricing represents a 2.9% discount to the Tuesday closing price of XPeng’s ADRs of $9.89 each. The ADRs traded at $9.50 each in New York on Wednesday, a drop of nearly 4%, after paring a slump of as much as 7.7%.

An Alibaba representative didn’t immediately respond to a request for comment outside normal business hours in Asia.

The Alibaba unit disclosed its intention to sell 33 million XPeng ADRs in a US Securities and Exchange Commission filing earlier Wednesday. The US-traded shares were bought in September 2019 as part of a pre-IPO investment in the company.

Alibaba sold 25 million of XPeng’s shares in December. XPeng on Tuesday terminated its agreement with Taobao China to nominate an Alibaba-chosen candidate as its director, according to a separate filing. The EV maker will continue collaborating with Alibaba in various areas such as research and development and marketing services, and will explore new business collaboration opportunities in the future, the filing showed.

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