Xiaomi's weak debut portends trouble for imminent HK tech listings
11 July, 2018, 12:41 | Author: Rickey Flowers
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.
After pricing 2.18 billion shares at HK $17 ($2.17) per share, the low end of its expected range, Xiaomi (1810.HK) dropped quickly to HK $16 per share. By the noon lunch break, the price recovered to HK$16.98 per share, before closing at HK$16.8, a loss of 1.2%, on trading volume of $979 million (HK$7.68 billion).
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. Following the deduction of fees and expenses, Xiaomi said it raised around HK$23.97 billion ($3.05 billion).
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 past year, according to International Data Corp. "What we will be doing is to focus on the long-term growth of our business", Lin Bin, Xiaomi's president and co-founder, told CNBC on Monday.
After a sizzling 2017, Hong Kong's tech listings are now struggling.
"The share was priced at a very high valuation multiple, substantially higher than its global peers".
Rep. Jordan Hints at Fallback Defense in Fox Interview
We would have all these great talks with him and he talked about how one day he'd be the president of the United States. Jordan has said he only learned about the abuse allegations this spring, when former students began speaking out.
Enthusiasm for Xiaomi may have waned because investors are holding out for other big Chinese tech IPOs on the horizon, Hong said.
Let us know in the comments if you think Xiaomi will do well in the medium and long term in terms of its stock price.
Xiaomi's IPO comes days after the United States and China began a trade war that has seen each nation imposes billions in tariffs on the other.
However, Lin suggested that the kind of company Xiaomi was being categorized as was of little importance: "I don't know how to call us".
And while markets still expect Xiaomi to eventually offer CDRs, there's a split in opinion on when that will happen.
However, no confirmed date has been put up by the company yet.
Yesterday, Mr Pompeo appeared dismissive of these remarks, to the point of sounding slightly exasperated when questioned. He also assured North Korea remains committed to dismantling its nuclear program following the summit .
He was part of a team trying to establish an airline to the chamber where the children are awaiting rescue. They have been working on a five km (three miles) "oxygen pipeline" to prepare for the group's extraction.
He also tagged Bieber's parents Jeremy Bieber and Pattie Mallette and wrote "congrats", while sharing a verse from the Bible. The TMZ report states that Justin Bieber , 24, proposed to Hailey Baldwin , 21, over dinner at a resort in the Bahamas .
I can't thank him enough. "He says the Mackems stick together!" "I've got that power and agility to get around the goal". Former Preston North End loanee Jordan Pickford was England's penalty hero as they finally won a World Cup shoot-out.
It was co-owned by the wife of a veteran fossil fuels lobbyist whose firm had sought regulatory rollbacks from EPA. As of June, Pruitt was the subject of at least 14 federal investigations, according to The Guardian .
In terms of his health going forward, it's really important to keep in mind the severity of an Achilles injury like this one. Cousins became one of eight players in history to average at least 25 points, 10 rebounds, and five assists in a season.
United States' 11th seed Sam Querrey also progressed with a 7-6, 6-3, 6-3 victory over Sergiy Stakhovsky of Ukraine. Next opponent Federer will be the German Jan-Lennard, Struff, which pyatisetovy marathon was held by Ivo Karlovic .
Local media reports said Najib was seen leaving his house in the capital, Kuala Lumpur , in an unmarked police auto . Earlier, a security source said that agents from the Malaysian Anti-Corruption Commission arrested Mr Najib.
The Gunners have shown interested in the midfielder who helped Uruaguay reach the World Cup quarter -finals. Emery's first game in charge of Arsenal will be the pre-season game against Atletico Madrid on July 26.
Iran has warned that it may walk away from the deal unless other signatories "guarantee" that it will continue to benefit. Several major firms - including France's Total and Peugeot, and Russia's Lukoil - have said they are preparing to leave.
While the tech deals draw the most attention, there are discounts on basically everything you might be in the market for. In a highly anticipated move, Amazon just officially announced the return of Amazon Prime Day 2018 on July 16.
'One set play the difference', beomans Belgium's Martinez
The loss saw Belgium miss out on reaching a first World Cup final , but they can still better their fourth-place finish of 1986. They managed to shut out Belgium after that and will now face either England or Croatia in Moscow's Luzhniki stadium on Sunday.
Pompeo hopes to fill in details on NK denuclearisation
Kim has committed to denuclearization as a way to prevent a U.S. attack. "I expect that [North Korea] is ready to do the same". South Korean newspaper Chosun Ilbo said that Trump had even raised the subject of the epithet in their meeting in Singapore .
California wildfires turn San Francisco sky eerie yellow
The fire , which was human caused , is just five per cent contained, according to InciWeb, a federal government wildfire website. The Rio Grande Scenic Railroad said the fire destroyed its outdoor concert stage and it is raising money to rebuild it.