Shares of Chinese language electric-vehicle maker Nio started buying and selling on Hong Kong’s trade on Thursday, after the corporate selected a shortcut path to itemizing that did not contain elevating new funds.

That path, known as an inventory “by means of introduction,” allowed Nio’s shares to start buying and selling lower than two weeks after it introduced its plan to checklist in Hong Kong. The inventory closed at HK$158.90 in its first day of buying and selling, in comparison with an in depth of $20.17 ($HK157.72) for its New York-listed American depositary shares on Wednesday.

Nio’s U.S.-listed shares rallied to shut up about 12.2% on Wednesday, however have been nonetheless down about 36.3% this 12 months by Wednesday’s shut.

Nio joins a rising checklist of U.S.-traded Chinese language firms which have chosen to checklist on Hong Kong’s trade in current months, seen as a option to hedge towards the chance of being delisted from U.S. exchanges amid rising U.S.-China tensions. Two of Nio’s U.S.-traded home rivals, Xpeng and Li Auto, each listed on the Hong Kong trade final 12 months.

Chinese language ride-hailing firm DiDi World, underneath strain from its residence authorities, introduced plans to delist from the New York Inventory Alternate in December.

Each Xpeng and Li Auto selected extra conventional paths to their Hong Kong listings, elevating $2.1 billion and $1.5 billion respectively. However Nio, which ended the third quarter of 2021 with $7.3 billion in money readily available and raised an extra $1.7 billion in an at-the-market providing in New York in November, did not really feel the necessity to increase additional money with its Hong Kong buying and selling debut.

Nio will report its fourth-quarter and full-year 2021 earnings after the U.S. markets shut March 24.