Shares of Chinese car maker Chery Automobile jumped 11.2% as the company started trading on the Hong Kong Stock Exchange on Thursday following its $1.2 billion initial public offering, reports Reuters. Chery, best known for its Chery, Jetour and iCAR brands, is tapping investor appetite as it expands in the competitive electric and smart vehicle market.
The stock opened at HK$34.2 ($4.40) each, while the Hang Seng Index was up 0.1%. Chery last week sold 297.4 million shares at HK$30.75 each in the second-largest IPO in Hong Kong so far this year.
The company’s shares were sold at the top of the HK$27.75 to HK$30.75 price range flagged to investors when the deal was launched.