Xiaomi's shares open 2.9% down on debut in Hong Kong
09 July, 2018, 15:39
The stock that was made available to retail investors drew orders represented 9.5 times the shares offered, the company said Friday.
Still, the eight-year-old company, which has ambitions to transform itself from a low-priced maker of phones to a global rival to match Apple, managed to raise $4.72bn, making it the world's biggest technology float in four years. In the case of Xiaomi, it was valued at 39.6 times its 2018 earnings, another measure of profitability.
Aside from global market concerns, investors are said to have been unsure of Xiaomi's ecosystem story.
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.
Shares of some other tech-related companies that floated recently have been weak in Hong Kong.
Beijing-based Xiaomi is the first firm in Hong Kong to trade with a controversial dual-class structure since listing rules were overhauled to allow weighted voting rights for different sets of shareholders. Ping An Healthcare and Technology Co Ltd dropped below its IPO price on the second day of trading in May. "It's open to everybody.If you don't like the price, you can stay away". Founder Lei Jun described Xiaomi as a new species of company, pursuing a "triathlon business model" combining hardware, internet and e-commerce services.
Xiaomi focuses on low-cost, high-performance smartphones and touts an innovative business model that features online services, a range of consumer electronics products built by partner firms, and a retail strategy that includes a network of physical stores.
He was promoted to the Department for Exiting the European Union as a parliamentary under-secretary in June a year ago . Many political figures have been saying that Mr Davis' resignation leaves Mrs May's Chequers proposals in tatters.
Five years ago, hardly anyone showed up to NBA Summer League beyond the most dedicated NBA fans, media, and personnel. Global and G League regulars are invited to fill out rosters as they hope to finally latch on in the league.
The Grizzlies finished last season with a 22-62 record and missed the playoffs for the first time since 2009-10. Anderson appeared in 74 games for the Spurs and averaged 7 points, 5 rebounds and 2 assists.
They lie at the bottom of the constructors' championship with just one points-scoring finish, an 8 place by Stroll at Azerbaijan. There would also be revenue ramifications, with a loss of prize money and title sponsor Martini departing at the end of the year.
It did not specify when the executions took place, but the Tasnim news agency said the sentences were carried out on Saturday. Iran has executed eight people convicted over two deadly attacks claimed by the ISIS terrorist group in Tehran past year .
They compared the genomic signatures from 71 mitochondrial and seven nuclear genomes of ancient North American and Siberian dogs . All of these tumours are clones - genetically highly similar to one another but genetically distinct from their hound hosts.
Iran has already blocked access to many social media sites, including Facebook, Twitter, YouTube and the Telegram messaging app. Many of them have been performing dance forms like the Australian shuffle on the streets (video below).
When she was just 17, Kylie opened up on her decision to have the procedure done after being self-conscious over her thin lips. Having "tiptoed around the truth" on usage of lip injections for many years, in 2015 Jenner came clean on her enhancements.
She thought she had done enough to move on with that fraught process at the meeting at her Chequers country residence. Davis, a sharp operator and a gut-instinct politician, was a Leave campaigner in the referendum.
According to Basketball Insiders, Utah had until July 9 to guarantee the contract, worth $4.2 million, or waive him. ESPN reports that forward Jonas Jerebko intends to sign with the Warriors on Tuesday (AEST) if he clears waivers.
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Warframe Announced for Nintendo Switch at TennoCon 2018
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