Smartphone maker Xiaomi's shares open 2.9% down on debut in Hong Kong

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut

China's Xiaomi, the world's fifth biggest seller of smartphones, made an underwhelming public debut after it hit the Hong Kong Stock Exchange amid concerns around an ongoing trade war between the US and China.

The Chinese smartphone maker co-founded by billionaire Lei Jun traded as low as HK$16.50 in early trade compared with its HK$17 initial public offering price. The stock was at HK$16.88 after the midday break, while the main Hong Kong stock market index was 1.7 percent higher.

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.

While Xiaomi does not sell its products in America at the moment, the company has said it plans to before the end of next year.

China Tower, the world's largest mobile tower operator, has won approval for an IPO that could raise up to $10 billion.

Trump suggests China might be interfering on North Korea
It remains to be seen what the dispute means for a diplomatic effort that Trump has credited with helping to advert a nuclear war. Trump offered security guarantees to Pyongyang and pledged to suspend the large-scale military drills with South Korea.

Awaiting Trump’s Supreme Court Nominee
Because of all that and his demeanor, the monastic Kethledge is referred among White House aides, Time notes, as "Gorsuch 2.0". Senate Republicans are pleased that Kyl will be the one to help the nominee navigate the arduous confirmation process.

Trump Builds Suspense Over Supreme Court Pick, but Battlelines Are Already Drawn
That list included two people with Alabama ties: justices Kevin Newsom and William "Bill" Pryor of Alabama, both with the U.S. But Supreme Court rulings generally establish a base of precedent that future jurists respect and rarely challenge.

Xiaomi's listing comes at a delicate time for Hong Kong's stock market, with the benchmark Hang Seng index falling 2.7 per cent last week and 5.8 per cent this year as investors fret over escalating trade tensions between the United States and China. However, its listing timing will depend somewhat on Xiaomi's stock performance, sources have told Reuters. That is far short of the oversubscription rates for other tech IPOs in Hong Kong.

Let us know in the comments if you think Xiaomi will do well in the medium and long term in terms of its stock price.

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.

Xiaomi focuses on low-cost, high-performance smartphones and touts an innovative business model that features online services, a range of consumer electronics products built by partner firms, and a retail strategy that includes a network of physical stores.

Related news:

Hot News

isis-killer-beheading-video-story-top 'Damn Yankees!' star Tab Hunter dead at 86
Jul 10, 2018 - 05:54
As tastes changed, Hunter did summer stock and dinner theater, as well as appeared in spaghetti westerns. I grew up full of denial. "I just have never been comfortable talking about my sexuality", Hunter said.

isis-killer-beheading-video-story-top Pakistan beat Zimbabwe by 7 wickets in tri-nation T20I
Jul 10, 2018 - 05:29
Pakistan has so far convinced wins in this series against Zimbabwe and lost against Australia . Talat was then joined by skipper Sarfraz Ahmed as the duo added 43 runs for the third wicket.

isis-killer-beheading-video-story-top Donald Trump nominates Brett Kavanaugh to US Supreme Court position
Jul 10, 2018 - 05:29
Without Republican defections, however, Senate rules leave Democrats with scant options to block confirmation of Trump's nominee. That list included two people with Alabama ties: justices Kevin Newsom and William "Bill" Pryor of Alabama, both with the U.S.

isis-killer-beheading-video-story-top Three Lions tops Big Top 40 chart after England's win against Sweden
Jul 10, 2018 - 05:14
Who would have thought this young England side can come this far? Serious passion on display, well done lads. The chorus contains the lyrics "It's coming home, it's coming home, it's coming, football's coming home".

isis-killer-beheading-video-story-top Fred reveals his disappointment at Brazil's World Cup quarter-final exit
Jul 10, 2018 - 02:09
Eden Hazard has been directly involved in 14 goals in his last 14 games for Belgium (8 goals, 6 assists). Of course I want to score but, at the same time, I try to work as hard as I can for the team.

isis-killer-beheading-video-story-top Local Jobless Rate Rises Slightly
Jul 10, 2018 - 00:41
Despite that, Northeast B.C.'s unemployment rate was the second-highest of any region in B.C. for the second straight month. Separately, Statscan said Canada's trade deficit in May grew to $2.77 billion from $1.86 billion in April.

isis-killer-beheading-video-story-top Trump blasts 'fake' NYT story on United States opposition to breastfeeding measure
Jul 10, 2018 - 00:04
Met with resistance from nations around the table, USA delegates began threatening, according to other officials at the summit. A Chinese mother breastfeeds her baby in Wuhan. 'We recognize not all women are able to breastfeed for a variety of reasons.

isis-killer-beheading-video-story-top Bride Watches World Cup Match Along With Guests At Her Wedding
Jul 09, 2018 - 23:44
There was another against Sweden , with Maguire heading in a driven corner from Ashley Young in the 30th minute. I just thought it was questionable but that was about it.

Orange Is the New Black Season 6 Trailer
Jul 09, 2018 - 23:44
After a riot destroyed their old digs, the ladies are headed to Litchfield Max which is anything but welcoming. Suspiciously, Alex is missing from both the trailer and the new prison.

isis-killer-beheading-video-story-top Gal Gadot Visits Children’s Hospital In Full Wonder Woman Costume
Jul 09, 2018 - 23:25
She also happily posed with the team of staff there and dropped by to see some teen fans who were also seeking treatment. Some deserving children received a visit from Wonder Woman in their hospital rooms.

isis-killer-beheading-video-story-top The remarkable rise of Englands unlikely new hero
Jul 09, 2018 - 23:21
England face Croatia in Moscow on Wednesday for the biggest game for national side since the penalty in the 1990 World Cup . I mean the moment you head it proper, you feel it's a good one.

isis-killer-beheading-video-story-top Beyonce, Jay Z lead SA anti-poverty festival for Mandela
Jul 09, 2018 - 23:10
The festival's hosts include Naomi Campbell , Sir Bob Geldof, Gayle King, Bonang Matheba, Tyler Perry, and Forest Whitaker. To get tickets to this first of it's kind concert, all you have to do is a good deed in the spirit of the late Mandela.

isis-killer-beheading-video-story-top Thai cave rescue: Four more boys pulled from flooded cave
Jul 09, 2018 - 22:45
Their escape led to an explosion of jubilation on social media in Thailand as the rescued boys were rushed to hospital. There were several concerns that prompted authorities to move forward with the plan to dive the boys out.

isis-killer-beheading-video-story-top British Foreign Secretary Boris Johnson quits amid Brexit crisis
Jul 09, 2018 - 22:23
In her reply, Mrs May told him: "I do not agree with your characterisation of the policy we agreed on at Cabinet on Friday". Jacob Rees-Mogg says Brexit Secretary David Davis's resignation is a "real hope" for "rescuing Brexit ".

isis-killer-beheading-video-story-top Who is Supreme Court contender Brett Kavanaugh?
Jul 09, 2018 - 22:13
Judge Brett Kavanaugh is an appellate judge from Maryland who has ruled against Obamacare and abortion rights in the past. He has another potential advantage: he serves with Judge Maryanne Trump Barry - the president's sister - on the 3rd U.S.