Saturday, 17 November, 2018

Smartphone maker Xiaomi debuts on Hong Kong stocks

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut Phone maker Xiaomi falls then rises in Hong Kong debut
Mandy Jefferson | 13 July, 2018, 07:27

Xiaomi founder, Chairman and CEO Lei Jun (2nd R) attends the listing of the company at the Hong Kong Exchanges in Hong Kong, China July 9, 2018.

After Xiaomi's IPO in Hong Kong, shares dived nearly 4 percent in morning trading on Monday, falling as much as 5.9 percent at one point. Hong Kong is a Chinese city but operates under its own laws, which means China's investment restrictions do not apply to investors around the world wanting to buy shares there.

Chinese markets have had a rough few months, as investors worry about the intensifying trade war with the United States.

"At this critical moment in Sino-US trade relations, the global capital markets are in constant flux", he said.

Xiaomi sold 2.18 billion shares in its IPO, 1.4 billion of which were new shares.

Xiaomi Corp, which issued the biggest tech IPO globally so far this year, started trading Monday morning in Hong Kong.

TS Chris begins NE path in Atlantic Ocean
Chris was forecasted to begin weakening by Thursday, and become a strong post-tropical cyclone by Thursday night or early Friday. Storm swells generated by Chris will be hitting North Carolina and other mid-Atlantic states over the next few days.


"We are different from many of our peers", said Liao, shrugging off concerns a bearish sentiment towards technology stocks could weigh on WeDoctor's performance in Hong Kong. Of the 27 billionaires to surface in Asia this year, about a third did so through IPOs in Hong Kong and Shenzhen, the Bloomberg Billionaires Index showed.

"We are an internet firm". It is also the first under the city's new rules permitting dual-class shares, common among US tech firms, in an attempt to attract tech sector floats.

"We are an internet company and from Day 1 we have set up a weighted voting rights structure with dual-class shares", he added. Ping An Healthcare and Technology Co Ltd dropped below its IPO price on the second day of trading in May. The main stock market in London opened higher.

"No matter how you look at it, it's too expensive for me", said Francis Lun, chief executive officer at brokerage GEO Securities, drawing comparisons between the price-to-earnings ratio of Xiaomi and Apple.

Moreover, a tech company has previously never utilized its smartphone and hardware business to pedal its internet business unit, which made investors skeptical.

Xiaomi sold 2.18 billion shares, making the IPO the largest in the technology sector since Alibaba Group raised $25 billion in NY in 2014. The company is also making waves in Europe, where after less than two years in the market, it has become the fourth biggest smartphone seller.

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