Xiaomi IPO: Xiaomi Falls Then Rises in Hong Kong Debut

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.

Trading opened at 16.60 HKD ($2.11) per share, below Xiaomi’s offering price of 17 HKD ($2.17). Shares lostabout 4 percent in early trading but rebounded to 17 HKD ($2.17) at midday.

Xiaomi, which helped to pioneer the trend for ultra-low-priced smartphones, says it plans to become an equipment-and-hardware brand alongside Apple. The 8-year-old company has yet to give details of how that business model will work outside China.

Speaking at the ceremonial opening of trading, Xiaomi’s chairman Jun Lei acknowledged that the timing of the IPO might not be optimal given the state of trade friction between the US and China. But he was undaunted.

“Although the macro-economic conditions are far from ideal, we believe a great company can still rise to the challenge and distinguish itself,” he said.

[“Source-gadgets.ndtv”]

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