Chinese smartphone maker Xiaomi makes weak debut in Hong Kong

Xiaomi made a weak debut in Hong Kong on Monday, with the Chinese smartphone maker's shares sliding as much as 6 per cent on valuation concerns, in an ominous sign for its technology sector peers lining up listings in the city.

A packed initial public offering (IPO) calendar in the coming months will include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world's largest mobile tower operator.

“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,” said Hong Hao, chief strategist at brokerage Bocom International.

Xiaomi shares closed at HK$16.80 (€1.82), having touched a low of HK$16 in early trade, compared with the IPO price of HK$17 per share. The main Hong Kong stock market index ended 1.3 per cent higher.

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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 almost four years. – Reuters