Xiaomi raises $3.05 billion United States dollars following its IPO

Xiaomi raises $3.05 billion United States dollars following its IPO

As the Chinese phone manufacturer maker made its IPO, its shares were down more than 2 percent and fell by 5.88 percent during the session.

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.

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 USA and China.

"However, given the targeted high valuations of many new-economy IPO hopefuls and the number of IPOs going forward, it will be challenging for the market to digest all of them", Hong said. Its closing share price for the first day of trading was HK$16.78.

Traders will be able to bet on further declines by shorting the stock on its first day of trading, according to the Hong Kong exchange operator.

Asked if the low pricing of Xiaomi and some other technology firms will weigh on upcoming IPOs, Hong Kong stock exchange CEO Charles Li said at the Xiaomi listing ceremony: "We can not put a brake". It's open to everybody... "It's open to everybody.If you don't like the price, you can stay away".

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Xiaomi priced the IPO at the bottom of the range it offered, in a deal worth $4.72 billion - the world's biggest technology float in nearly four years.

There could be repercussions for Hong Kong's IPO outlook, Jackson Wong (黃志陽) of Huarong International Securities Ltd (華融國際金融) said, adding that a tepid start for Xiaomi would suggest a weak appetite for new listings in the territory of Hong Kong. But in a surprise move last month, it postponed its mainland share offering.

Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.

"We are an internet firm".

"The debut has been pretty solid given the headwinds they've faced coming in, including the size of the deal, the newness of what they're trying to do, CDRs (Chinese depositary receipts), dual-share class voting rights and trade wars".

"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.

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