So-called homecoming listings were touted to be a hot spot within Hong Kong’s market this year as initial public offerings by first time issuers become more scarce due to Beijing’s crackdown on several sectors.
Shares of Nio Inc began trading in Hong Kong on Thursday after the Chinese electric-car maker chose a listing path that doesn’t involve selling new shares or raising funds.
The stock traded at HK$162 as of 11:52 a.m. in Hong Kong after opening at HK$160. That compares to a closing price of $20.17 (HK$157.72) for its American depository receipts on Wednesday. The New York-listed shared have lost about 36% so far this year.
