The company sold 10 million American depository receipts (ADRs) at $19 apiece, according to its regulatory filings, and shares closed at $21.05. The deal is the biggest from a Chinese company selling shares in New York since LianBio (LIAN.O) raised $334 million in October 2021, according to Refinitiv data. Chinese company listings in the United States ground to a halt in 2021 after the debut of ride hailing giant Didi Global Inc (92Sy.MU) in June of that year. As a result, Chinese listings in the United States dwindled and mainland regulators also moved to draw up new guidelines governing companies selling shares overseas. Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.

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