Phone maker Xiaomi shares slip in trading debut in Hong Kong

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut

Aside from global market concerns, investors are said to have been unsure of Xiaomi's ecosystem story.

Xiaomi faces nearly 5% share fall in Hong Kong trading debut, indicating a disappointing pricing and a slow start in mainland China. He believed more high-quality internet companies would come to Hong Kong for listing in the future.

Chinese smartphone manufacturer and occasional Apple tribute act Xiaomi has made its debut on the Hong Kong Stock Exchange - officially making it the world's third largest phonemaker. Although the largest offering by a technology company in four years, Xiaomi had originally been hoping to attract as much as HK $22 per share in its planned float of about 2.18 billion shares. This has resulted in the Hong Kong stock market, Hang Seng, falling to a nine-month low.

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.

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.

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Let us know in the comments if you think Xiaomi will do well in the medium and long term in terms of its stock price.

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

The company's weak debut comes at a time when global markets have been roiled by the escalating trade clash between the United States and China. Ping An Healthcare and Technology Co Ltd dropped below its IPO price on the second day of trading in May.

"We are an internet company and from Day 1 we have set up a weighted voting rights structure with dual-class shares", he added. "Without the innovation of Hong Kong's capital markets, we wouldn't get a chance to go public in Hong Kong", Xiaomi's founder and chief executive Lei Jun told the listing ceremony at the Hong Kong stock exchange.

Xiaomi's main business is phones, but it also sells a range of other internet-connected devices, including laptops and even smart rice cookers. The deal was led by CLSA, Goldman Sachs and Morgan Stanley.

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