Xiaomi Faces Almost 5% Share Fall In Hong Kong Trading Debut
11 July, 2018, 12:42 | Author: Rodolfo Hawkins
Xiaomi offered about 2.18 billion shares priced at 17 HK dollars each (2.17 us dollars).
"Investors are skeptical about Xiaomi's growth momentum as the global smartphone market seems to be on a downward slope", said Jacky Zhang, an analyst at BOC International in Shanghai.
Chinese smartphone giant Xiaomi has listed in Hong Kong for $4.7bn (£3.5bn), around half the amount the company had said it hoped to raise in a lacklustre listing.
After a sizzling 2017, Hong Kong's tech listings are now struggling.
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.
The drop came after an affordable smartphones and other gadgets maker, Xiaomi priced its IPO at a valuation of about $54 billion, far lower than its target range. The stock was at HK$16.88 after the midday break, while the main Hong Kong stock market index was 1.7 percent higher.
Xiaomi's IPO valued the firm, which also makes internet-connected home appliances and gadgets, at $54 billion, nearly half the $100 billion it had initially hoped for and below its more recent target of at least $70 billion. "It's open to everybody.If you don't like the price, you can stay away".
At Monday's closing price the company had a market value of $53.3 billion.
Xiaomi CEO and co-founder Lei Jun acknowledged the unfortunate timing in remarks at the Hong Kong stock exchange on Monday morning.
Lei has described Xiaomi as a "new species" of company with what he describes as a "triathlon" business model combining hardware, internet and e-commerce services.
"From day one, we've set up a dual-class share structure".
Lei said without the innovation of the Hong Kong capital markets, it would be hard for Xiaomi to be listed in Hong Kong.
He said Xiaomi will also continue to expand offerings within its "ecosystem", in which some of its nonsmartphone products such as TVs, power banks and electric scooters have been the top sellers in China. Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. are leading Xiaomi's IPO as joint sponsors.
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