Thursday, 20 September, 2018

Smartphone maker Xiaomi's shares open 2.9 percent down on debut in HK

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut Phone maker Xiaomi falls then rises in Hong Kong debut
Kayla Schwartz | 11 July, 2018, 05:39

Shares in the Chinese smartphone maker dropped 4.8%from their listing price, which was already at the bottom of the range the company had sought.

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's Founder, Chairman and CEO Lei Jun (right) and Chew Shou Zi, senior vice president and chief financial officer gesture during the listing ceremony at the Hong Kong Stock Exchange in Hong Kong on July 9, 2018.

Stocks in Hong Kong and Shanghai have taken heavy hits.

Xiaomi Corp. shares slipped and then rebounded Monday in the Chinese smartphone maker's first trading day in Hong Kong following a multibillion-dollar initial public offering.

Xiaomi's IPO comes days after the United States and China began a trade war that has seen each nation imposes billions in tariffs on the other.

George Clooney injured in bike accident
There were no serious injuries or broken bones, but he will be monitored on an outpatient basis for 20 days. There's also a fire extinguisher nearby in the pic, which could mean that a small fire had to be put out.

Its shares fell Monday even though the broader Hong Kong market was up about 1.5%. The spat pushed Hong Kong's benchmark index to a nine-month low last week.

Despite being one of the most anticipated Chinese technology public offerings this year, the group saw a disappointing valuation of US$54 billion, well below its ambitious US$100 billion target.

Typically companies are valued on a multiple of profits or sales.

The company, which had hoped to be valued at $100bn (£75 billion) earlier this year, is now worth about $53bn, making it the third largest listed maker of mobile phones. Such firms tend to carry far higher valuations than device makers.

"From day one, we've set up a dual-class share structure".

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 deal was led by CLSA, Goldman Sachs and Morgan Stanley.

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