BYD Co.’s shares rose to a record high in Hong Kong, expanding their premium over those trading on the mainland to the highest level ever.

The shares gained as much as 4.4% in the financial hub, buoyed by positive sentiment surrounding Contemporary Amperex Technology Co.’s blockbuster debut. The stock is now priced at more than a 5% premium over the Shenzhen-listed shares, after adjusting for currency conversion, according to Bloomberg-compiled data.

Advances in the electric carmaker’s Hong Kong shares underscore growing conviction among foreign investors over the company’s prospects, making them a rare standout among dual-listed stocks. Hong Kong shares currently trade at around 33% discount to their mainland counterparts, according to the Hang Seng Stock Connect China AP Premium Index.

Mainland shares’ premium over Hong Kong will remain on an aggregate level, but certain stocks such as BYD and China Merchants Bank Co. that are considered “quality core holdings for foreign investors” have shown discounts, UBS AG strategist James Wang wrote in a note. That’s also helped by better liquidity offshore, they added.