Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

Apple challenger Xiaomi makes lacklustre Hong Kong stock debut

Its shares lost about 4 percent in early trading but recovered most of that later in the morning.

Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and a mainland offering.

Investors, senior officials from the Hong Kong Exchange, 175 Xiaomi employees and some Xiaomi users attended the ceremony. Hong Kong's Hang Seng rose 1.3 percent to 28,688.50, while the Shanghai Composite index jumped 2.5 percent to 2,815.11.

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

Global stock markets mostly rose Monday as the British government appeared to turn toward a more trade-friendly version of Brexit and as investors monitored the escalating trade standoff between the US and China. 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. The company pitches itself as going beyond devices to offer internet services, such as video streaming, although it has yet to see significant revenue in the services category.

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Enthusiasm for Xiaomi may have waned because investors are holding out for other big Chinese tech IPOs on the horizon, Hong said.

"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.

The Xiaomi float adds to Hong Kong's $7 billion worth of new listings so far this year. Meanwhile, ride-hailing company Didi Chuxing and Alibaba-affiliated digital payments firm Ant Financial are also reportedly considering IPOs.

Founded in 2010 by entrepreneur Lei Jun (雷軍), Xiaomi has grown from a start-up in Zhongguancun - China's "Silicon Valley" - to become the world's fourth-biggest smartphone vendor at the end of past year, International Data Corp said. The company has also expanded heavily into India and has ambitions to enter other markets, raising the tantalizing prospect that it could become a rare Chinese technology company that grows beyond its home.

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. Latin America is also on the horizon.

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