(Yicai Global) March 15 -- Autohome, China’s largest vehicle sales and information platform, climbed 2 percent today from its offer price on its first day of trading on the Hong Kong Stock Exchange.

Beijing-based Autohome [HKG:2518] closed at HKD180 (USD23), with a market capitalization of HKD90.8 billion (USD11.7 billion), a 2 percent jump from its listing price of HKD176.30. Earlier in the day it had reached HKD184.60.

Autohome, which shares the same founder Li Xiang as new energy vehicle startup Li Auto, is the first US-listed Chinese firm to float in Hong Kong so far this year.

The company has not disclosed how much it raised in the secondary listing. It said earlier it will invest a third of the proceeds on new technologies and product development, another third to incubate new businesses and the rest on enhancing its positioning at home and abroad and to supplement working capital.

Autohome, which holds a 29 percent share of China’s online auto vertical media advertising, logged profit of CNY3.4 billion (USD522.6 million) in 2020 on revenue of CNY8.7 billion, it said previously. It had 42.1 million active users as of the end of 2020, according to data from QuestMobile.

The firm’s New York shares [NYSE:ATHM] sank 4.3 percent on March 12 to close at USD95.87.

Editor: Kim Taylor