The long awaited Xiaomi listing made an impressive debut — dropping 2.9 percent on its opening day in Hong Kong. Priced at HK$17.00 at launch, the share price dipped to HK$16.50 in early trading.
Perhaps the timing of the IPO affected the stock price. It comes on the wake of the China-US trade dispute which has created uncertainty in the market. That could have affected investor sentiments as the retail tranche was only 9.5 times oversubscribed.
The listing has raised the China smartphone maker US$4.72 billion, making it the world’s biggest technology IPO in four years.