Monday was the first trading day of Xiaomi, one of the largest smartphone makers in China, and shares in Hong Kong did less well than expected. The company lost up to 5.9 percent in the early trading hours, before recovering some of the losses later in the day. Xiaomi has raised about 4.7 billion dollars and has a valuation of around 54 billion dollars, lower than that of forecasts and which had caused talk of one of the largest initial public offerings in recent years. The company placed its shares at a price of 17 Hong Kong dollars (2.17 US dollars), thus choosing the lower of the 17 to 22 Hong Kong dollars range that had been assumed for the placement. Performance has been affected by the performance of the Hong Kong stock exchange in recent weeks, with fewer investments and more caution following US tariffs on some Chinese products. Xiaomi is the fourth largest smartphone manufacturer in the world, known for its devices sold at low prices and on which it maintains little profit margins.
