The stock price of Nio closed flat on its first day on the Hong Kong stock exchange today, as it joined a growing number of US-listed Chinese tech companies that have made secondary offerings in the city. Nio’s shares opened at HK$160 ($20.46) and increased by as much as 7.5% early in the day, before finishing at HK$158.9, giving the eight-year-old company a market valuation of $33.9 billion. The Shanghai-based EV maker did not raise new funds or issue new shares as part of the listing. Shares of fellow Chinese EV startups Xpeng Motors and Li Auto have dropped by 33% and 10%, respectively, since their Hong Kong listings. [Nio release]