Xiaomi gets off to a slow start with Hong Kong IPO
Xiaomi gets off to a slow start with Hong Kong IPO
Phone maker Xiaomi falls then rises in Hong Kong debut
11 July, 2018, 12:43
The IPO opened at a price of HK $16.60 (about $2.12 USD) per share which is a fair amount below the original IPO value of HK $17. One of the reasons that could be behind the lukewarm response is said to be Xiaomi's backstory before the listing which didn't go down well with the retail investors.
Xiaomi founder, Chairman and CEO Lei Jun prepares to hit the gong during the listing of the company at the Hong Kong Exchanges in Hong Kong, China July 9, 2018. He believed more high-quality internet companies would come to Hong Kong for listing in the future.
Founded in 2010, Xiaomi was the fifth biggest smartphone maker in the world past year, according to research firm IDC.
Xiaomi's shares had previously priced at the bottom of their range and traded below their IPO price in gray market trade late last week, as investors anxious about the company's prospects in the intensely competitive global smartphone market. The main Hong Kong stock market index ended 1.3 percent higher. It later expanded into computers, TVs and home appliances.
Xiaomi sold about 2.18 billion shares, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd raised $25 billion in NY in 2014. "If you don't like the price, you can stay away".
Typically companies are valued on a multiple of profits or sales.
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On Monday, the Xiaomi President and co-founder, Lin Bin, told to CNBC that, "I think short-term stock price is mostly dictated by market conditions".
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Xiaomi also postponed a plan to offer shares in mainland China, which would have given it access to capital from still more investors.
Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.
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