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The actions of Chinese smartphone maker Xiaomi Corp. fell 10% on Monday after the Chinese stock exchanges excluded it from the stock connection system linking the mainland and Hong Kong markets.
FILE PHOTO: A customer leaves a Xiaomi shop in Beijing, China, on June 21, 2018. REUTERS / Jason Lee / Photo File [19659005] Jul 16, 2018 12: HONG KONG: The actions of Chinese smartphone maker Xiaomi Corp. fell 10% on Monday after Chinese stock exchanges excluded it from the stock connection system that links the Hong Kong and Mainland China stock exchanges.
The Shanghai and Shenzhen Stock Exchanges announced on Saturday that they would not expand the "connect connect" program in Hong Kong to include foreign companies, companies with different voting structures. or "stapled" titles. Seriously
The news comes just a week after Chinese smartphone manufacturer Xiaomi became the first company to register in Hong Kong with a weighted voting right (WVR) in a $ 4.7 billion deal. US dollars.
Xiaomi shares fell 10 percent on Monday to 19.40 Hong Kong dollars in early trading, but recovered to HKUS 20.55 dollars, down 4.2 percent.
The Shanghai Stock Exchange said it made the decision to domestic brokers and most investors expressed a lack of understanding of new types of securities
The stock-linked system connects the mainland markets of Shanghai and Shenzhen in Hong Kong. There are currently 268 shares listed in the Shanghai-Hong Kong Stock Plan and 417 in the Shenzhen-Hong Kong Stock Exchange
(Report by Jennifer Hughes, Anne Marie Roantree and Donny Kwok; Editing by Jacqueline Wong)
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