Sci-tech

Xiaomi makes its IPO, watches shares plummet by almost 6%

Xiaomi makes its IPO, watches shares plummet by almost 6%

The company's shares sank nearly 6 percent to HK$16 at one point - from an IPO price of HK$17, which was already at the low end of its expected range - before clawing back to end the morning at HK$16.98.

A lot of companies that went public in 2017 and 2018 have seen their share prices plummeting and the situation was made worse thanks to the ongoing trade war between China and the U.S. By the noon lunch break, the price recovered to HK$16.98 per share, before closing at HK$16.8, a loss of 1.2%, on trading volume of $979 million (HK$7.68 billion).

"I want to extend gratitude to all of them".

Founded in 2010, Xiaomi was the fifth biggest smartphone maker in the world previous year, according to research firm IDC. "What we will be doing is to focus on the long-term growth of our business", Lin Bin, Xiaomi's president and co-founder, told CNBC on Monday. "And they have to speed up the pace if they aim for a good valuation", said Hong Hao, chief strategist at brokerage BOCOM International.

The weak debut arrived at one side while at another side, trade clash between the United States and China is escalating due to which global markets have disturbed.

People think David Davis secretly wrote 'It's coming home' in his resignation
Asked if Brexiteers needed to put the PM's future to a vote of the Conservative Party, he replied "it may well come to that". In her resignation letter she echoed the words of Sir Michael, saying her actions "fell below the high standards" expected.

Xiaomi's IPO raised $4.7 billion at a valuation of about $54 billion - the world's biggest tech or telecom listing since Alibaba raised more than $20 billion in 2014, according to data provider Dealogic.

Xiaomi priced its IPO at earnings multiples higher than more established tech giants, including Apple, Tencent Holdings Ltd. and Facebook Inc., arguing it was an internet services company even as most of its revenue came from hardware.

Hong Kong is a Chinese city but operates under its own laws, which means China's investment restrictions do not apply to investors around the world wanting to buy shares there. 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.

Xiaomi's float was the first under the city's new rules allowing firms to weight voting rights in favor of company founders, as part of efforts to encourage more tech groups to choose Hong Kong over NY, its arch-rival. 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.


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