(Bloomberg) — Electric-vehicle maker Xpeng Inc. has raised about HK$14 billion ($1.8 billion) in its Hong Kong listing, people with knowledge of the matter said, becoming the first Chinese EV producer to finish a so-called homecoming share sale.

The U.S.-listed firm sold 85 million shares at HK$165 each, said the people, who asked not to be identified as the information is private. That represents a discount of about 4.1% to its closing price of $44.32 on Tuesday on the New York Stock Exchange.

Xpeng had set a maximum price of HK$180 for the portion reserved for retail investors. One of Xpeng’s American depositary shares is equivalent to two ordinary shares. Trading in Hong Kong is slated to start on July 7. A spokeswoman for Xpeng declined to comment.

Xpeng is the latest to join a slew of U.S.-traded Chinese firms selling shares in Hong Kong, giving them a hedge against the risk of being kicked off American exchanges while broadening their investor base closer to home. About $37 billion has been raised through such homecoming-listings since Alibaba Group Holding Ltd. started the trend in late 2019. Prior to Xpeng, online travel platform Trip.com Group Ltd. raised $1.2 billion in a second listing in the city in April.

The Guangzhou-based firm will be the first among three U.S.-listed Chinese EV makers to complete a dual listing. Nio Inc. and Li Auto Inc. are also planning share sales in the Asian financial hub, Bloomberg News reported in March.

Xpeng went public in New York in August last year through an initial public offering that raised $1.72 billion. The timespan makes the Hong Kong listing dual primary instead of secondary, unlike the other homecoming listings, which require at least two years of trading on another exchange.

The stock in New York has declined about 39% from a Nov. 23 peak but is still trading at almost triple its IPO price, giving it a market value of about $36 billion.

Read more: Xpeng’s Potential Hong Kong Listing Would Boost Tech Edge

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After the rally in 2020, electric car-makers have seen their shares decline this year amid increasing competition from legacy automakers, the global semiconductor shortage and general wariness among investors about holding onto riskier assets.

The Hong Kong share sale will add to Xpeng’s war chest as it competes with an array of upstarts in China, the world’s largest market for electric vehicles. It has already raised billions of dollars through its share sales as well as bank loans.

Xpeng has yet to turn a profit, pledging to break even by late 2023 or early 2024. Revenue has been increasing, however, reaching 2.95 billion yuan ($456 million) in the first quarter, with deliveries in May growing 483% compared to the same month a year earlier.

With the proceeds from the Hong Kong offering, the company aims to expand its product portfolio and develop more advanced technology, develop new models and improve hardware technology, among other targets. The firm is also planning to expand its presence in international markets starting with some European ones.

JPMorgan Chase & Co. and Bank of America Corp. are joint sponsors for the Hong Kong offering.

(Updates throughout with final pricing.)

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