In this March 9, 2020 file photo, electronic boards display various stock prices at Exchange Square in Hong Kong. (ISAAC LAWRENCE / AFP)

Data center company GDS Holdings Ltd has raised HK$12.9 billion (US$1.67 billion) in its Hong Kong Special Administrative Region (HKSAR) second listing, following in the steps of other US-listed Chinese mainland firms in seeking a trading foothold closer to home.

The Shanghai-based firm priced shares at HK$80.88 each, according to terms of the deal obtained by Bloomberg News. That represents a 3 percent discount to the closing price Monday of its Nasdaq-listed American depositary shares, at US$86.04 apiece. One ADS represents 8 ordinary shares. GDS sold 160 million shares in its HKSAR listing and had set a maximum price of HK$86 apiece.

The Shanghai-based GDS Holdings priced shares at HK$80.88 each, according to terms of the deal obtained by Bloomberg News 

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GDS is part of a growing cohort of US-listed mainland firms looking to sell shares in the HKSAR to expand its investor base and as a hedge against any further deterioration in relations between Washington and Beijing.

Over US$13.5 billion has been raised this year through such second listings in the HKSAR, including the blockbuster deals of e-commerce giant JD.com Inc and NetEase Inc, the mainland’s second largest gaming company.

GDS plans to use the proceeds to expand its platform of high-performance data centers and to innovate and develop new technologies related to data center design, construction and operations. Its US shares have risen 67 percent this year amid a surge in investor enthusiasm for cloud computing and data centers during the coronavirus pandemic.

JPMorgan Chase & Co, Bank of America Corp, China International Capital Corp and Haitong International Securities Group Ltd are joint sponsors of the proposed listing. Trading is set to begin on Nov 2.