Despite Xiaomi's challenging debut, Reuters notes that Hang Seng - the Hong Kong stock market index - was 1.7 percent higher.
Xiaomi's IPO raised $4.7 billion at a valuation of about $54 billion, far lower than the big numbers that had been reported earlier in the year. Others say the ongoing trade war between the US and China has spooked investors from putting money in Chinese companies.
Xiaomi's shares dipped in early trading, hitting HK$16 in mid-morning trade, down almost 6% from the HK$17 they had been sold at. "If you don't like the price, you can stay away".
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After a sizzling 2017, Hong Kong's tech listings are now struggling.
Xiaomi's IPO valued the firm, which also makes internet-connected home appliances and gadgets, at $54 billion, nearly half the $100 billion it had initially hoped for and below its more recent target of at least $70 billion. Instead, the current valuation of $46 billion essentially means the company's value remains unchanged from its last fundraising round in 2014.
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.
"The market environment is getting conservative". Razer, a maker of gaming laptops and accessories, and online car-financing provider Yixin Group trade more than 50 per cent below their November issue price. "Xiaomi's self-positioning as an internet company also needs some convincing", he added.
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Some institutional investors saw bids for the Chinese smartphone maker's shares as low as HK$15.20 (S$2.63) on Thursday with no offers in grey-market trading, according to two people familiar with the matter.
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.
"I work for Xiaomi and I am here to attend the IPO ceremony". The deal was led by CLSA, Goldman Sachs and Morgan Stanley.
Founded in 2010 by entrepreneur Lei Jun, Xiaomi has grown from a start-up in Zhongguancun - China's "Silicon Valley" - to become the world's fourth-biggest smartphone vendor at the end of a year ago, according to International Data Corp.
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