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.


  • Monster crocodile finally caught after 10 years on the run

    Monster crocodile finally caught after 10 years on the run

    The crocodile was taken to a farm outside Katherine where it's likely to become the newest tourist attraction. The government said that each year, rangers remove about 250 "problem crocodiles" from the area.
    Gazza's message for Southgate and his England squad

    Gazza's message for Southgate and his England squad

    They won the 1998 tournament against Brazil but lost the 2006 final on penalties to Italy. He said: "I'm not surprised that Croatia have identified Raheem as a key player".
    Cop under investigation after ignoring woman's pleas for help from drunk man

    Cop under investigation after ignoring woman's pleas for help from drunk man

    On Monday, Forest Preserves of Cook County tweeted that it was aware of the June 14 incident and video. The officer has since been reassigned to administrative duty, pending the outcome of an investigation.
  • Michael Ondaatje's English Patient voted best Booker victor

    Michael Ondaatje's English Patient voted best Booker victor

    The organizing Committee praised her novel Flights ("Flights"), translated Jennifer Croft. Naipaul, while " Moon Tiger " by British writer Penelope Lively was the 1980s contender.
    Woman poisoned with nerve agent in England dies

    Woman poisoned with nerve agent in England dies

    Basu said that Sturgess leaves behind three children, and offered thoughts and prayers for the woman's family. Two days later, the OPCW confirms Britain's findings on the nerve agent but does not apportion blame.
    Sergio Ramos sends message to Cristiano Ronaldo over Juventus transfer

    Sergio Ramos sends message to Cristiano Ronaldo over Juventus transfer

    La Gazzetta said that Ronaldo's agent Jorge Mendes was expected in Madrid on Tuesday when Real directors are scheduled to meet. Sacking Conte could cost Chelsea up to £9million as the Italian is refusing to quit with one year remaining on his contract.
  • Salisbury poisoning: Novichok cops admit they may never catch assassin

    Matthew Rowley visited sibling Charlie in hospital as he continued to recuperate following exposure to the nerve agent novichock. He said, "It's Britain's problem and the problem of how interested Britain is in a real investigation".
    Kylie Jenner set to be the youngest-ever self-made billionaire

    Kylie Jenner set to be the youngest-ever self-made billionaire

    Since then, the company has sold $630m of makeup, helped in a large part by Jenner's own social media presence. By comparison her half-sister, Kim Kardashian West , 37, has to scrape by on a measly net worth of $350m.
    Dier wary of 'world class' Rakitic and Modric

    Dier wary of 'world class' Rakitic and Modric

    We can not do anything to stop this from happening other than hope that they have read this letter and think twice before acting". Hopefully, we can get the win. "No doubt it'll be a great atmosphere on final day in particular".
  • ICO hits Facebook with £500k fine promise

    Facebook "will get a chance to respond to the proposed penalties before the ICO releases a final decision", Bloomberg reports . The commissioner's office identified one of the companies, Emma's Diary, as being used by the British Labour Party, BBC said.
    Trade and tea with queen for Trump in a Britain in 'turmoil'

    Trade and tea with queen for Trump in a Britain in 'turmoil'

    Farage also said May's term of governance may be coming to an end, after two secretaries resigned their posts. I think the special relationship will always endure because of our history, our shared values.
    Trump pardons OR  ranchers whose case sparked 2016 militia standoff

    Trump pardons OR ranchers whose case sparked 2016 militia standoff

    Others said they committed serious crimes and anxious that the pardons might prompt other actions involving public lands. Hogan sentenced Dwight Hammond to three months in prison and Steven Hammond to a year and one day.