Tuesday, 18 September, 2018

Cheers and Fears of China's Tech Listing Boom

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut Xiaomi's shares open 2.9% down on debut in Hong Kong
Priscilla Morrison | 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.

More news: Plea to help more than a dozen 'drunk' gulls along south coast

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.

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