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Xiaomi IPO fails to impress Hong Kong investors

Chinese smartphone giant Xiaomi fell on its Hong Kong stock debut Monday, following a long-awaited initial public offering overshadowed by China-US trade tensions and falling global markets. Even before public trading started confidence was low, with investors selling at a discount on the unofficial "grey market" last week, Bloomberg News reported. And on Monday it ended down 1.18 per cent at HK $16.80, though that was much better than in mid-morning trade, when it was briefly down almost six per cent. Despite being one of the most anticipated Chinese technology IPOs this year, Xiaomi saw a disappointing valuation of US $54 billion, well below its ambitious US $100 billion target. (Text: AFP)
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