Seres Group Co, maker of China’s best-selling luxury vehicle, fell on its Hong Kong Special Administrative Region trading debut after raising HK$14.3 billion ($1.8 billion) during its public offering and adding to the city’s banner year for new listings.

The electric vehicle partner of Huawei Technologies Co declined 2 percent to HK$128.90 a share on Wednesday amid a down day globally for stocks. During the listing, the stock was priced at the high end of the marketed range. But at HK$131.50 each, it’s a 22 percent discount to Seres’ last close in Shanghai.  

Though Seres, which has been listed in Shanghai since 2016, has underperformed the local benchmark this year , the stock has surged almost 1,600 percent in the past five years.

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“Seres has achieved success through its Aito brand in partnership with Huawei,” said Eugene Hsiao, head of China equity strategy at Macquarie Capital Ltd. “Investors looking for a premium auto proxy may be interested in the shares.”

Founded in 1986 as a producer of springs and shock absorbers, the company gradually climbed its way up the value chain, expanding into motorcycles, minivans and now, electric vehicles.