(Yicai Global) Aug. 12 -- Chinese electric carmaker Li Auto made a muted stock market debut in Hong Kong today.

Li Auto’s shares [HKG: 2015] closed 0.8 percent lower at HKD117 (USD15.04) each, after earlier falling as much as 2.1 percent from the initial offering price of HKD118. The broader Hong Kong market fell 0.5 percent.

That gave the Tesla challenger a market capitalization of about HKD240.5 billion (USD30.9 billion), less than the HKD280.6 billion of compatriot rival Xpeng Motors, whose own stock [HKG: 9868] came off 3.5 percent today.

Li Auto raised a total of HKD11.55 billion (USD1.48 billion) from the offering, which was 4.5 times oversubscribed, the Beijing-based company disclosed yesterday.

In New York yesterday, the company’s Nasdaq-listed shares [NASDAQ: Li] rose 1.2 percent to USD30.72. This equaled to about HKD119.50 after conversion, as one American depository share equals two ordinary shares. There was a 1 percent gap between Li Auto’s Hong Kong issue price and its closing price in the US yesterday.

As part of a dual initial public offering, Li Auto debuted in New York at the end of last month.

Li Auto’s revenue soared to CNY9.5 billion (USD1.47 billion) last year from CNY284 million (USD43.8 million) in 2019, according to its IPO prospectus. The carmaker still had a loss due to big investment outlays. In the first quarter of this year, revenue was CNY3.58 billion, with a loss of CNY360 million.

Editor: Peter Thomas