Based on the company’s expected share price range, Pony could expect to rake in up to $224 million from the transaction, which is well below its initial target of $425 million. But at a minimum, the company would collect $165 million, which is also well below the $200 million minimum set in September.

Pony’s debut is the latest in a string of Chinese companies going public on the U.S. stock market after a multi-year ban from Beijing on offshore capital raising. U.S. investors appear to have a growing appetite for Chinese technology companies, despite growing geopolitical tensions and a looming tariff on all Chinese imports.