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The world's fourth-largest smartphone maker earned only $ 4.7 billion from investors on the Hong Kong stock exchange. That's about half the amount pledged by the company's primary issuance (IPO). The market value of the company thus reaches only 54 billion dollars instead of about 100 billion dollars.
During the early hours of trading, the stock price went from 17 Hong Kong dollars (1.84 euros) to 16 Hong Kong dollars (1.73 euros) per share. During the day, the company matched the loss, the BBC reported.
Xiaomi's stock market debut is the largest IPO in the technology sector since 2014, when Chinese internet seller Alibaba earned $ 25 billion on the New York Stock Exchange.
Xiaomi is the fourth largest mobile phone manufacturer in China. For the first quarter of 2018, the company recorded a revenue growth of 85.7% year-on-year. The smartphone segment accounted for 70% of Xiaomi 's revenue in 2017.
However, the segment of Internet and Internet services has grown rapidly in recent years, which has allowed Xiaomi to reduce its dependence on a single category of products.
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