Xiaomi's Weak Debut Portends Trouble For Imminent Hong Kong Tech Listings

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut

The shares touched a low of HK$16.50 in opening deals on Monday.

The first quotation was 16.6 Hong Kong dollars, against 17 for the IPO.

The Sino-US trade dispute has roiled financial markets including stocks and currencies, and the global trading of commodities from soybeans to coal over the past several weeks.

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.

The stock that was made available to retail investors drew orders represented 9.5 times the shares offered, the company said Friday.

With Russia out of the tournament, hosts' World Cup fever wanes
Players who pick up just two yellow cards between the group stage and the quarter-finals are given an automatic one-game suspension.

Tracking Beryl and a potential system off Mid Atlantic coast
The system is forecast to move slowly northwestward and could meander or stall near the North Carolina coast over the weekend. Tropical Storm Beryl is moving rapidly westward toward the Lesser Antilles at the eastern entrance of the Caribbean Sea.

Donald Trump says Kim Jong Un 'sees different future' for North Korea
Five US officials told NBC News that North Korea has increased its production of enriched uranium for nuclear weapons. Also high on the agenda is the issue of the remains of US soldiers missing from the 1950-53 Korean War.

Founded in 2010 by entrepreneur Lei Jun, Xiaomi has grown from a start-up in Zhongguancun, which is known as China's "Silicon Valley", to become the world's fourth-biggest smartphone vendor at the end of previous year, according to International Data Corp. The main Hong Kong stock market index ended 1.3 percent higher.

Apart from tough market conditions, the tepid demand for Xiaomi's offering was also because many potential investors mainly view it as a hardware maker instead of a hardware-plus-internet-services firm as the company calls itself, sources have said. "If you don't like the price, you can stay away".

Xiaomi had attracted a number of A-list investors to its IPO, as George Soros joined fellow billionaires Li Ka-shing, Jack Ma and Pony Ma in endorsing the IPO. And in an unusual display of transparency, the printed version was then left at the reception desk where reporters signed in for the company's press conference in Hong Kong.

Tencent-backed online health care solutions platform WeDoctor, valued at US$5.5 billion after its latest round of fundraising, said on Monday it was actively preparing for a flotation in Hong Kong, despite the recent bearish sentiment in the market.

"We would like to thank the Hong Kong Stock Exchange and the Hong Kong Securities Regulatory Commission", Lei Jun, founder and CEO of Xiaomi, said at the listing ceremony. The company is also making waves in Europe, where after less than two years in the market, it has become the fourth biggest smartphone seller.

Related news:

Hot News

isis-killer-beheading-video-story-top Umtiti scores only goal in win vs
Jul 11, 2018 - 12:30
But there haven't been one or two secrets to make it work, it's been common sense. "We can be proud of what we have achieved". It was a match of high expectations, judging from both sides' run-up to the semi-finals and the quality of their players.

isis-killer-beheading-video-story-top Harry Kane Heads List Of Reported Madrid Replacements For Ronaldo
Jul 11, 2018 - 12:01
The Portuguese laughed off Milan's attempts to lure him to Italy a few years ago, but now he has chose to chance his arm in Serie A .

isis-killer-beheading-video-story-top Sanctions to remain until North Korea 'final' denuclearisation: Mike Pompeo
Jul 09, 2018 - 11:50
And he said some progress had been made towards agreeing "the modalities" of North Korea's destruction of a missile facility. In South Korea, where President Moon Jae-in has emerged as a key facilitator of U.S.

isis-killer-beheading-video-story-top I'll be fit to face Croatia, says Jordan Henderson
Jul 09, 2018 - 11:01
England will now face Sweden in the Quarter Final game this Saturday from 3PM on BBC One . That's what makes the difference in big matches.

isis-killer-beheading-video-story-top Arsenal And Tottenham Linked With Big Money Move For Barcelona Midfield Star
Jul 09, 2018 - 10:35
The Gunners have shown interested in the midfielder who helped Uruaguay reach the World Cup quarter -finals. The 22-year-old is yet to have a summer break after featuring for Uruguay at the World Cup.

isis-killer-beheading-video-story-top Vienna meet on nuclear deal supports Iran's continued oil, gas exports
Jul 09, 2018 - 07:31
Washington has since told countries they must stop buying Iranian oil from November 4 or face financial measures. The rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.

isis-killer-beheading-video-story-top Sweden beats Switzerland 1-0 in the Round of 16 match
Jul 07, 2018 - 05:39
Their build-up play was sloppy, with the best effort falling to Remo Freuler with a late header that was saved by Robin Olsen . Then, in the second half, Switzerland midfielder Granit Xhaka lined up a shot from outside the area and very almost whiffed.

isis-killer-beheading-video-story-top Boosting your odds on all the World Cup games
Jul 07, 2018 - 05:11
The first two World Cup 2018 quarter-finals take place on Friday as we lose two more of the eight remaining teams. But as fans wait to find out England's fate, they're already questioning details of the World Cup final.

isis-killer-beheading-video-story-top Merriam-Webster mocks Trump over misspelled tweet
Jul 07, 2018 - 04:49
Rowling also pointed out that Trump is not really a best-selling writer, seeing that all of his books are ghost-written. Donald Trump's tweet boasts about his "best selling books" and his ability to write - and it includes a typo.

isis-killer-beheading-video-story-top Highlights of Wimbledon day three
Jul 07, 2018 - 04:10
He said he "felt good" and "less nervous" than he did in his previous match, his first-round win over Dušan Lajović on Monday. Milos Raonic slammed 34 aces as the 2016 Wimbledon finalist won 7-6 (4), 7-6 (4), 7-6 (4) against Australia's John Millman .

isis-killer-beheading-video-story-top Scott Pruitt resigns as chief of United States Environmental Protection Agency
Jul 07, 2018 - 04:07
Pruitt quit the EPA after months of ethics-related scandals related to his behavior and spending practices, CBS News reports . Now EPA Deputy Administrator Andrew Wheeler will fill in while the president finds a new leader for the agency.

isis-killer-beheading-video-story-top Walmart removes 'Impeach Trump' apparel after boycott threats
Jul 04, 2018 - 06:34
Such sellers can sign up to advertise products on Walmart's website, and the retail giant gets a commission on each sale. Walmart is in consumer crosshairs after shoppers discovered the retailer's line of "Impeach 45" apparel.

isis-killer-beheading-video-story-top When Is Amazon Prime Day 2018 and What Should I Know?
Jul 04, 2018 - 06:32
Avoid the temptation to impulsively add those makeup brushes and oil supplements to your cart just because they're on sale. While the tech deals draw the most attention, there are discounts on basically everything you might be in the market for.

isis-killer-beheading-video-story-top Japan leaves 'thank you' note and clean lockers after World Cup loss
Jul 04, 2018 - 06:31
Japan has played four matches in the World Cup and at the end of every match, regardless of the outcome, Japanese fans have helped clean the stadium.

Saudi Arabia says ready to pump more oil to balance market
Jul 04, 2018 - 06:30
The White House later walked back the president's comments, saying the king said his country can raise oil production if needed. Mr Trump took another swing at his European allies saying they dealt unfairly with the United States over trade.