IT

Xiaomi Faces Almost 5% Share Fall In Hong Kong Trading Debut

Xiaomi Faces Almost 5% Share Fall In Hong Kong Trading Debut

Hong Kong's Hang Seng rose 1.5 percent to 28,745.84, while the Shanghai Composite index was up 1.6 percent at 2,790.02.

An online real estate company backed by China's major property developers is seeking an initial public offering (IPO) in Hong Kong following its privatization from the New York Stock Exchange. At midday, the stock staged a recovery from HK$16 (£1.53) to HK$16.96 but was still below its debut price of HK$17.

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U.S. policy "actually interferes with the process of economic globalization" and "damages the world economic order", charged Li. Global markets are rattled this morning after America escalated the deepening trade war between the two countries.

The company, which makes phones to rival Apple's iPhone, had hoped to hit a valuation of $100bn in the float, but is now valued at around $53bn.

Chinese markets have had a rough few months, as investors worry about the intensifying trade war with the United States.

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Xiaomi founder, Chairman and CEO Lei Jun (center) attends the listing of the company with Hong Kong Exchanges and Clearing Chairman Laura Cha (second left), Financial Secretary Paul Chan (second right) and Hong Kong Exchanges and Clearing Chief Executive Charles Li (right) at the Hong Kong Exchanges in Hong Kong, China, on July 9, 2018.

By contrast, China Literature Ltd, the e-book arm of Tencent Holdings, late previous year raised $1.1 billion in its Hong Kong IPO amid heavy demand, with the retail portion being 625 times oversubscribed. "Xiaomi's self-positioning as an internet company also needs some convincing", he added. The company now provides health care support services to more than 2,700 hospitals, 240,000 doctors and 160 million platform users in China. Such firms tend to carry far higher valuations than device makers.

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Following the deduction of fees and expenses, Xiaomi said it raised around HK$23.97 billion ($3.05 billion). "Without the innovation of Hong Kong's capital markets, we wouldn't get a chance to go public in Hong Kong", he said. It is also the first under the city's new exchange rules permitting dual-class shares, common in the USA tech industry in an attempt to attract tech floats. He believed more high-quality internet companies would come to Hong Kong for listing in the future. Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. are leading Xiaomi's IPO as joint sponsors. 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.