Xpeng Motors moved quickly lower at the beginning of its Hong Kong trading, but then rebounded to close flat at the issue price.
Xpeng opened today at HK$168, up 1.82% from its offering price of HK$165. However, it then fell more than 3% at one point.
By the close of trading, Xpeng was at HK$165, with a market capitalization of HK$279.1 billion.
Xpeng began formal trading in Hong Kong on July 7 under the ticker symbol "9868", and the stock opened up 1.5 percent in 'grey market' trading on Tuesday, but quickly turned lower.
By the close of the 'grey market' trading, Xpeng was down 1.82 percent to HK$162, below its issue price of HK$165.
Xpeng passed the listing hearing of the Hong Kong Stock Exchange on June 23 and started its IPO at 9am on June 25.
As is customary for companies listed in Hong Kong, investors can trade Xpeng's shares on the grey market from 16:15-18:30 GMT the previous day before the official trading starts.
Xpeng offered 85 million Class A common shares in a global offering, which includes an international offering of 80.75 million Class A common shares and a Hong Kong public offering of 4.25 million Class A common shares.
In the Hong Kong public offering, Xpeng received a total of 68,685 valid applications for 62,600,000 shares, equivalent to about 14.73 times the initial offering of 4,250,000 shares, the company said in an announcement on the Hong Kong Stock Exchange on Tuesday.
This means Xpeng was 13.73 times oversubscribed in the offering for retail investors in Hong Kong.
Xpeng's international offering was oversubscribed by about 8.54 times the total number of shares initially available for subscription in the international offering, the company said on Tuesday.
Xpeng's listing in Hong Kong is a dual primary listing and the first such listing of a significant Chinese company in Hong Kong and the United States in three years.
Unlike other Chinese companies with secondary listings in Hong Kong that cannot be accessed through the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect, Xpeng's secondary listing can meet the access conditions of the mechanism, facilitating A-share investors to invest with the Hong Kong Stock Connect and active stock transactions.