Nio Inc’s (NYSE: NIO) shares soared as much as 12% in their Hong Kong debut on Thursday.
What Happened: Nio stock traded at HK$162 apiece around noon.
The Chinese electric vehicle maker's U.S. shares closed at $20.17 (HK$157.72) on Wednesday and are down nearly 40% year-to-date.
Shanghai-based Nio earlier this month secured a key approval for a secondary listing in Hong Kong after months of delays due to questions about the company’s user trust holdings.
Nio shares are trading on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “9866”, in a board lot of 10 shares under the ticker “NIO-SW”. These are fully fungible with their NYSE stock, the company has noted.
See Also: Nio Shares Expected To Begin Trading On March 10 As Key Approval Secured: What You Need To Know
Nio, a Tesla Inc (NASDAQ: TSLA) rival, had applied for a Hong Kong listing in March last year.
Why It Matters: Nio’s close homegrown rivals Xpeng Inc (NYSE: NYSE:XPEV) and Li Auto Inc (NASDAQ: LI) had completed their dual-listing in Hong Kong in July and September, respectively.
The EV maker in September announced plans to sell up to $2 billion of American depositary shares in an at-the-market offering.
Price Action: Nio's U.S. shares closed 13% higher at $20.17 a share on Wednesday.
Photo: Courtesy of Nio
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