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11 July 2018, 05:39 | Jodi Jackson
Phone maker Xiaomi falls then rises in Hong Kong debut
Despite being one of the most anticipated Chinese technology IPOs this year, Xiaomi saw a disappointing valuation of $54 billion (€46 billion), well below its ambitious $100 billion target.
Xiaomi's Founder, Chairman and CEO Lei Jun, center, hits the gong during the listing ceremony at the Hong Kong Stock Exchange in Hong Kong. Before Monday, Hong Kong's benchmark index had fallen more than 10% from early June. The Chinese company suffered a number of setbacks during its IPO journey, from being forced to jettison a plan to sell Chinese depositary receipts in Shanghai to pricing its shares at the very bottom of a marketed range.
Chinese smartphone giant Xiaomi has listed in Hong Kong for $4.7bn (£3.5bn), around half the amount the company had said it hoped to raise in a lacklustre listing. It's also a disappointment for Hong Kong, which this year revised regulations to allow tech companies with uneven voting structures like Xiaomi to float.
The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, nearly half its original US$100 billion ambition earlier this year.
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.
At Monday's closing price the company had a market value of $53.3 billion.
"The market environment is getting conservative". The company pitches itself as going beyond devices to offer internet services, such as video streaming, although it has yet to see significant revenue in the services category.
Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.
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