Phone maker Xiaomi falls then rises in Hong Kong debut

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut

By 0234 GMT, the stock was trading at HK$16.48, down 3 percent, while the main Hong Kong stock market index.HSI was 1.4 percent higher.

A new wave of Chinese tech companies are planning forays into public markets to raise billions of dollars through initial public offerings.

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.

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Xiaomi's IPO valued the firm, which also makes internet-connected home appliances and gadgets, at $54 billion, nearly half the $100 billion it had initially hoped for and below its more recent target of at least $70 billion.

Xiaomi's HK$17 price represents a multiple of 39.6 times 2018 earnings, while iPhone maker Apple is trading at 16 times and Chinese social media and gaming giant Tencent Holdings at 36.

Despite being one of the most anticipated Chinese technology IPOs this year, Xiaomi saw a disappointing valuation of $54 billion (€46 billion), well below its ambitious $100 billion target.

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Xiaomi also made its debut amid an escalating trade war between the United States and China, which has sent the Hong Kong stock market, Hang Seng, to a nine-month low.

Mo Jia, a Shanghai-based analyst with industry consultancy Canalys, said the weak debut was to be expected. Even though much of the company's revenue comes from smartphones sales, Xiaomi has pinned its hope on internet services to account for most of the profit in the future. That is far short of the oversubscription rates for other tech IPOs in Hong Kong.

The float adds to Hong Kong's $7 billion worth of new listings this year. Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. are leading Xiaomi's IPO as joint sponsors.

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The company 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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