Hi-Tech

China’s Xiaomi makes underwhelming public debut in Hong Kong IPO

China’s Xiaomi makes underwhelming public debut in Hong Kong IPO

These include a US$4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to US$10 billion IPO from China Tower, the world's biggest mobile tower operator, Reuters reported.

"Given the targeted high valuations of many new-economy IPO hopefuls and the number of IPOs going forward, it will be challenging for the market to digest all of them", said Hong Hao, chief strategist at brokerage BOCOM International.

The Chinese smartphone maker co-founded by billionaire Lei Jun traded as low as HK$16.50 in early trade compared with its HK$17 initial public offering price.

Its shares fell Monday even though the broader Hong Kong market was up about 1.5%.

Still, the performance of Xiaomi was seen as a key test of investor sentiment for what is expected to be a packed IPO calendar in the coming months.

Speaking at the ceremonial opening of trading, Xiaomi's chairman Jun Lei acknowledged that the timing of the IPO might not be optimal given the state of trade friction between the U.S. and China. "It's open to everybody.If you don't like the price, you can stay away".




The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, nearly half its original US$100 billion ambition earlier this year.

Lei Jun (center), Xiaomi's CEO with senior vice president Li Wanqiang (left) and executive director Lin Bin (right) ahead of the company's IPO.

At Monday's closing price the company had a market value of $53.3 billion.

Xiaomi struggled in its debut on the Hong Kong stock market Monday morning, with its shares falling by almost 6 percent.

The company, which had hoped to be valued at $100bn (£75 billion) earlier this year, is now worth about $53bn, making it the third largest listed maker of mobile phones.


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