KE Holdings, a Chinese online property platform backed by SoftBank Group, debuted in Hong Kong Wednesday after choosing a listing path that doesn’t involve selling new shares or raising funds, reports Caixin.
The stock ended its first trading session at HK$30.75 ($3.92), after opening at HK$30. KE Holdings’ dual primary listing in Hong Kong was by way of introduction, a method used by a slew of US-traded Chinese companies to build an investor base closer to home given the risk of possible delisting from American exchanges due to auditing requirements.
Electric-vehicle maker NIO also debuted in the Asian financial hub in March by way of introduction. The dual-primary status enables KE Holdings shares in Hong Kong to be part of the Stock Connect program, giving mainland investors the option to trade them.