Shares of U.S.-listed electric vehicle maker $XPeng Inc.(09868.HK)$ were down after initially rising on Wednesday in their Hong Kong debut.
Xpeng issued 85 million Class A ordinary shares at a price of 165 Hong Kong dollars each. Those shares opened at 168 Hong Kong dollars, a 1.8% rise.
The electric carmaker is already listed in the U.S. Usually, Chinese companies listed on Wall Street will do what’s known as a secondary listing, usually in Hong Kong. This is where a company, listed on one exchange, goes on to sell shares on another.
But Xpeng’s share offering is a dual-primary listing. That means it will be subject to the rules and oversight of both U.S. and Hong Kong regulators, which isn’t the case with a secondary listing.