Li Auto shares fall 2.1% in Hong Kong debut

People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun

(Reuters) – Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company’s trading debut at the Hong Kong Stock Exchange on Thursday.

The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.

Hong Kong’s Hang Seng Index was flat in early trade.

The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.

At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.

Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.

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