Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

The stock opened at HK$16.60, below the list price of HK$17, and it quickly fell to HK$16 before later recovering. The stock finally closed at HK $16.80 but dropped as low as HK $16 earlier in the day (a decrease of 5.88%).

A packed initial public offering (IPO) calendar in the coming months will include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world's largest mobile tower operator.

The lackluster start came after Xiaomi priced its IPO at the low end of an expected range, giving the company a valuation of $54 billion.

Speaking at the ceremonial opening of trading, chairman Jun Lei noted the IPO comes at a time when financial markets have been roiled by U.S.

Former Juventus Star Goalkeeper Gianluigi Buffon Says Thrilled, Motivated by Joining PSG
The veteran stopper has joined the French champions on a one-year deal with the option of a second season at the Parc des Princes. I never like being comfortable - I have always looked to challenge myself. "But nobody assured me that I would be number one.

Founder Lei Jun described Xiaomi as a new species of company, pursuing a "triathlon business model" combining hardware, internet and e-commerce services.

"Trading below the issue price suggested that investors still felt the valuation of the stocks was relatively high compared with (fellow Chinese giant) Tencent and Apple", Linus Yip, chief strategist at First Shanghai Securities, told Reuters.

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

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

Networks covering Supreme Court pick move to battle footing
If the party sticks together, the president's choice will be sitting on the Supreme Court when its new term starts in October. He also was a key aide to Kenneth Starr during Starr's investigation of President Bill Clinton, worked on behalf of George W.

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.

Xiaomi sold 2.18 billion shares in its IPO, 1.4 billion of which were new shares.

Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.

Hammers table club-record Felipe Anderson bid as Wilshere deal nears completion
The England midfielder signed a three-year deal to join the Hammers on Monday after leaving Arsenal at the end of his contract. It is expected that West Ham and Lazio will eventually thrash out terms that will see Anderson sign for the club-record fee.

Related news