China’s Xiaomi makes underwhelming public debut in Hong Kong IPO
10 July, 2018, 06:25 | Author: Sammy Rose
The IPO opened at a price of HK $16.60 (about $2.12 USD) per share which is a fair amount below the original IPO value of HK $17. During the day prices slipped to as low as HK$16 ($2.04) but managed to climb to HK$16.80 ($2.14) by closing time.
Today, July 9, was the first day for Xiaomi on the Hong Kong Stock Exchange, with the stock closing at $2.14, giving the Chinese smartphone manufacturer a valuation of almost $50 billion, though it should be noted that this is half the market capitalization of $100 billion that was expected from the IPO.
Shares in Xiaomi, the Chinese mobile phone maker, slid nearly 6% at the start of trading in Hong Kong.
The company had also expected to split its listing with another offering on mainland China, but cancelled that. "Without the innovation of Hong Kong's capital markets, we wouldn't get a chance to go public in Hong Kong", Xiaomi's founder and chief executive Lei Jun told the listing ceremony at the Hong Kong stock exchange. Apple is trading at 16 times earnings and Chinese social media giant Tencent is trading at 36 times.
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.
"Investors are skeptical about Xiaomi's growth momentum as the global smartphone market seems to be on a downward slope", said Jacky Zhang, an analyst at BOC International in Shanghai.
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Typically companies are valued on a multiple of profits or sales.
"We are an internet firm".
The float adds to Hong Kong's $7 billion worth of new listings this year.
However, Xiaomi was still able to secure $4.7 billion United States dollars from institutional investors. It is also the first under the city's new exchange rules permitting dual-class shares, common in the US tech industry in an attempt to attract tech floats.
Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.
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