Singapore-listed shares of China Animal Healthcare <CAHC.SI>, which makes drugs for livestock, rose as much as 3.8% on Tuesday as the company made its debut on the Hong Kong Stock Exchange.

At 11:09 a.m., China Animal shares were flat at $0.395 on a volume of 20 million shares after rising to an intraday high of $0.41.

“Investors expect valuation in Hong Kong to be higher than Singapore. If they do well there, the Singapore price will go up as well,” said a local trader.

China Animal has issued a total of 1.59 billion shares for its listing on the Hong Kong Stock Exchange, the firm said in a statement.