Li Auto fell 2.46 percent to HK$115.1 in Hong Kong's grey market trading on Wednesday ahead of its formal listing in the city on Thursday. The stock fell nearly 4 percent at one time.
Li Auto's Hong Kong listing is priced at HK$ 118 per share, raising about HK$ 11.55 billion ($1.5 billion).
The shares will be traded on the Hong Kong Stock Exchange from August 12, and in line with the practice of listed companies in Hong Kong, investors can trade on the grey market from 16:15-18:30 Beijing Time the day before the official trading starts.
Li Auto began its public offering in Hong Kong on August 3 and closed for subscription and pricing on August 6.
The company offered a total of 100 million shares, of which 10 percent was for the Hong Kong public offering and 90 percent for the international placement.
Li Auto adopts the same dual-primary listing approach as XPeng Motors to list on the Main Board of the Hong Kong Stock Exchange under the ticker symbol "2015".
Li Auto CEO Li Xiang holds 23.79 percent of the shares and 75.74 percent of the voting rights. Meituan holds 13.23 percent of the shares and 4.21 percent of the voting rights. Wang Xing, CEO of Meituan, personally holds 6.76 percent of the shares and 2.15 percent of the voting rights.
Li Auto delivered 8,589 Li ONE units in July, up 11.4 percent from June and up 251.3 percent year-over-year, with deliveries exceeding 8,000 units in a single month for the first time.
Li Auto's total deliveries from January to July reached 38,743 units, bringing the total number of Li ONE deliveries to 72,340 units to date.
Li Auto's US-traded ADR fell 0.95 percent to $30.39 on Tuesday, and the stock has been down about 9 percent so far this month. It is down 0.99 percent in pre-market trading on Wednesday as of press time.