Saturday, September 22, 2018
Close  
  • share this

Phone maker Xiaomi falls then rises in Hong Kong debut

/ 02:11 PM July 09, 2018

Xiaomi’s Founder, Chairman and CEO Lei Jun (right) and Chew Shou Zi, senior vice president and chief financial officer gesture during the listing ceremony at the Hong Kong Stock Exchange in Hong Kong on July 9, 2018. (AP)

HONG KONG  — Xiaomi Corp. shares slipped and then rebounded Monday in the Chinese smartphone maker’s first trading day in Hong Kong following a multibillion-dollar initial public offering.

Trading opened at 16.60 Hong Kong dollars ($2.11) per share, below Xiaomi’s offering price of 17 Hong Kong dollars ($2.17). Shares lost about 4 percent in early trading but rebounded to 17 Hong Kong dollars ($2.17) at midday.

ADVERTISEMENT

Xiaomi, which helped to pioneer the trend for ultra-low-priced smartphones, says it plans to become an equipment-and-hardware brand alongside Apple Inc. The 8-year-old company has yet to give details of how that business model will work outside China.

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 US and China. But he was undaunted.

FEATURED STORIES

“Although the macro-economic conditions are far from ideal, we believe a great company can still rise to the challenge and distinguish itself,” he said.

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Hong Kong Stock Exchange, Initial Public Offering, Jun Lei, Xiaomi
For feedback, complaints, or inquiries, contact us.
newsinfo

Poe tops 2019 Pulse Asia senatorial pre-election survey

September 22, 2018 10:55 AM

sports

Roger Federer mulling clay court return in 2019

September 22, 2018 10:50 AM

newsinfo

Smoke forces LRT-1 to disembark passengers  

September 22, 2018 10:48 AM

sports

Dirk Nowitzki accepts bench role with Mavericks

September 22, 2018 10:46 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.