Xiaomi's shares open 2.9% down on debut in Hong Kong

Chinese Smartphone Maker Xiaomi Falls in Hong Kong Trading Debut

After Xiaomi's IPO in Hong Kong, shares dived nearly 4 percent in morning trading on Monday, falling as much as 5.9 percent at one point.

The shares touched a low of HK$16.50 in opening deals on Monday.

While the company had hoped to raise enough funds to value it at $100 billion, Xiaomi only raised $4.7 billion from the IPO, giving the company a total valuation of $54 billion.

Xiaomi struggled in its debut on the Hong Kong stock market Monday morning, with its shares falling by almost 6 percent.

It's also a disappointment for Hong Kong, which this year revised regulations to allow tech companies with uneven voting structures like Xiaomi to float. By 0234 GMT, the stock was trading at HK$16.48, down 3 percent, while the main Hong Kong stock market index.HSI was 1.4 percent higher.

"Trading below the issue price suggested that investors still felt the valuation of the stock was relatively high as compared with Tencent and Apple", said Linus Yip, chief strategist at First Shanghai Securities.

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The stock that was made available to retail investors drew orders represented 9.5 times the shares offered, the company said Friday.

Xiaomi's founder Lei Jun described his company's business model as a "triathlon model" with three components; third-party hardware sales, smartphone sales, and "internet service" sales which include media and ads.

Xiaomi's float was the first under the city's new rules allowing firms to weight voting rights in favor of company founders, as part of efforts to encourage more tech groups to choose Hong Kong over NY, its arch-rival.

The Xiaomi float adds to Hong Kong's $7 billion worth of new listings so far this year.

Xiaomi's IPO began on Monday in Hong Kong to a fairly slow start, with trade slipping more than 2%, sometimes dropping by 5.88%. It is also the first under the city's new rules permitting dual-class shares, common among USA tech firms, in an attempt to attract tech sector floats.

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