Shares of Chinese delivery firm ZTO Express (Cayman) Inc 2057.HK were trading nearly 9% above their offer price as the stock debuted in Hong Kong on Tuesday.

The New York-listed firm ZTO.N sold 45 million shares in its secondary listing in the city, raising $1.27 billion to build more sorting hubs, expand capacity, strengthen network stability and competitiveness.

The firm priced its shares at HK$218 each when the institutional bookbuild was finalised last week.

Shares of ZTO Express opened at HK$244 each, up 11.9% from the offer price, before softening slightly during the morning session to HK$237.60, but still up 9%.

There have been 10 secondary listings in Hong Kong in 2020 that have raised $15.1 billion, according to Refinitiv.