NIO Inc. shares began trading in a secondary listing on the Hong Kong exchange Thursday, becoming the latest U.S.-listed Chinese electric vehicle (EV) maker to offer shares in Hong Kong.

The stock opened at HK$160 (US$20.5) and closed down 0.69 percent at HK$158.9. That compares to a closing price of US$20.17 for its American depository receipts Wednesday. The New York-listed shares have lost about 36 percent so far this year.

Nio, which listed on the New York Stock Exchange in 2018, debuted shares in Hong Kong by way of introduction, meaning it didn’t issue new shares or raise new funds in the offering.

That decision likely was due to less-than-ideal market conditions, with Nio waiting for a better time to raise money via an issuance of new shares, said Bo Pei, a research analyst at U.S. Tiger Securities. He noted that U.S.-listed peers Li Auto Inc. and Xpeng Inc. completed secondary listings in Hong Kong last summer, when better market conditions allowed them to take advantage of higher valuations to raise funds.

HSBC said in report last month that Nio is likely to expand its market share on the back of three new premium EV models it will roll out this year and improving autonomous driving capacities.

Nio initially filed for the listing in March 2021, but that was delayed amid regulatory concerns about aspects of its structure, media reports said last year.(SD-Agencies)