Shares of Singapore-Yum China opened higher in Hong Kong on Thursday, but lost more than 4 percent in early trade.

Yum China, a fast food restaurant in China run by KFC, Taco Bell and Pizza Hut. It raised $ 2.22 billion by selling 41.9 million shares for 412 Hong Kong dollars ($ 53.16). In this secondary listing.

The company has been listed in New York since 2016.

Yum China’s debut in Hong Kong comes after gaming giants Net Ease and e-commerce company JD.com raised $ 21.09 billion ($ 2.7 billion) and $ 30.05 billion ($ 3.87 billion), respectively.

The string of mega offers marks a hot year for listings in Hong Kong. U.S.-Chinese companies are flocking to the city for their second listing. The The U.S. Senate passed a bill June, when many Chinese companies are banned from listing on US exchanges.

RJ Hotovy, a consumer equity research strategist at Morningstar, commented that the initial decline in the stock may indicate that investors are seeing more problems with the company than the IPO downturn.

“It is clear that not everyone is investing in that space right now. There is a lot of uncertainty with Kovid,” he told CNBC on Thursday. “Are people going to eat less. Are they going to accept groceries online? മാ I think demand will definitely be the biggest concern.”

Overall, Hotovy pointed out that the company had “very remarkable growth.”

“I think Yum China is doing very well. I think there’s a chance. We see these stocks looking lower at this point,” he said.