Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut小米股票香港上市首日下跌 时间:2018-07-11 单词数:2340
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Shares of Chinese smartphone maker Xiaomi Corp., which raised US$4.7 billion in one of Hong Kong’s largest tech initial public offerings in recent years, fell on their debut Monday as the broader market rose.
The lackluster start came after Xiaomi priced its IPO at the low end of an expected range, giving the company a valuation of $54 billion. If the shares perform poorly in the coming days and weeks, they could hurt the prospects of other tech companies who are preparing their own multi-billion-dollar listings in the city.
Xiaomi opened at Hongkong $16.60, 2.4% lower than its IPO price of Hongkong $17. Shares fell as low as HK$16 a share and were recently at HK$16.82. The broader Hang Seng Index rose 1.6%.
The stock that was made available to retail investors drew orders represented 9.5 times the shares offered, the company said Friday. That is far short of the oversubscription rates for other tech IPOs in Hong Kong. Orders for a separate block for foreign investors only slightly exceeded the amount offered.
Xiaomi’s debut comes at a hard time for Chinese stocks as investor sentiment has been hurt by an escalating trade conflict with the U.S. Last month, Shanghai’s key index entered bear-market territory—meaning a 20% drop from its recent high—and Hong Kong’s benchmark is down more than 10% from a January peak.
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