Chinese property platform KE Holdings debuted on the Hong Kong Stock Exchange on Wednesday, becoming the second New York–listed firm recently to carry out a so-called listing by introduction.
Shares in KE Holdings, which operates the online property platform Beike, opened at HK$30 each.
KE‘s listing follows a similar move by electric vehicle manufacturer Nio Inc in March. In a listing by introduction, a company does not issue new shares or raise fresh capital, unlike a traditional initial public offering (IPO).
The company’s decision to list in Hong Kong, which is a dual primary listing, came after KE Holdings was added on April 22 by US authorities to a list of companies that could be delisted from American exchanges if they did not allow US auditors to access their accounts.
KE said at the time it was exploring possible solutions to protect the interest of its stakeholders and would continue to comply with laws in the United States and China.
KE‘s online platform Beike matches buyers and sellers of real estate.
The company’s US-listed stock has fallen 41% so far in 2022, battered by concerns over China‘s property shake-out and fears it could be delisted in the United States.
The stock was issued at $20 per share in August 2020 and closed Tuesday at $11.83.