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11 July 2018, 12:45 | Cameron Gross
Phone maker Xiaomi falls then rises in Hong Kong debut
Xiaomi's shares started trading slightly below the initial offering price.
The day began with a value of HK $16.60, plunging down by 6 percent before closing up 1.2 percent.
"Other IPO candidates will rush to Hong Kong to list before the market sentiment shifts".
CEO Lei Jun acknowledged that "global capital markets are in constant flux" thanks to tensions between Beijing and the White House, which has seen trade tariffs levied on each side. It later expanded into computers, TVs and home appliances.
Xiaomi's float failed to attract strong interest among investors with the retail tranche gathering demand that was only 9.5 times the number of shares on offer, according to its filing on Friday.
The company is convinced that Xiaomi has "infinite growth potential" going forward, as it aims to be one of the world's top three smartphone company within the "shortest time" possible.
Stocks in Hong Kong and Shanghai have taken heavy hits. Razer, a maker of gaming laptops and accessories, and online car-financing provider Yixin Group trade more than 50 per cent below their November issue price.
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.
"Although the macroeconomic conditions are far from ideal, we believe a great company can still rise to the challenge and distinguish itself", he said in a speech at the listing ceremony.
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.
The company is the first in Hong Kong to sell shares with a dual-class structure since the city changed its rules to allow founders to keep outsized voting rights, although that means the stock won't be included in MSCI's global benchmarks.
"Without the innovation of the Hong Kong capital markets, it would be hard for us to have a chance to list publicly in Hong Kong", Lei said, according to a transcript provided by the company.
It is now the biggest smartphone vendor in India and is pushing into European markets including Spain and Russian Federation, though it has lost share in China recently to lower-cost rivals.
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When that's the case, I'll stop". "I am of a certain age, but I am in good health - physically, as well as mentally". "There's a special energy, which I felt straight away, I don't know if it's the atmosphere, the magic of Paris ".
In China it is forbidden to criticize trump
OK?" "We're certainly hoping that this trade dispute is temporary", said Brian Watkins, a 56-year-old farmer from Kenton, Ohio. USA companies that do a lot of business there have seen steep drops in their stock prices over the past few weeks.