Disappointing listing by Xiaomi but is it overvalued?

Disappointing listing by Xiaomi but is it overvalued?

Asian shares are mostly higher after a weekend of relative quiet over the escalating trade stand-off between the US and China. 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). "What we will be doing is to focus on the long-term growth of our business", Lei Jun, the company's founder and chairman said on Monday.

After Xiaomi's IPO in Hong Kong, shares dived nearly 4 percent in morning trading on Monday, falling as much as 5.9 percent at one point.

There could be repercussions for Hong Kong's IPO outlook, Jackson Wong (黃志陽) of Huarong International Securities Ltd (華融國際金融) said, adding that a tepid start for Xiaomi would suggest a weak appetite for new listings in the territory of Hong Kong.

Xiaomi is one of the world's most hotly anticipated stock market listings, having risen to prominence in developing markets, such as China.

Xiaomi Corp, which issued the biggest tech IPO globally so far this year, started trading Monday morning in Hong Kong.

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Xiaomi's IPO was hailed as the most important Chinese technology debut in years, attracting A-list investors such as George Soros and fellow billionaires Li Ka-shing, Jack Ma and Pony Ma.

Chinese markets have had a rough few months, as investors worry about the intensifying trade war with the United States. It is also the first under the city's new rules permitting dual-class shares, common among USA tech firms, in an attempt to attract tech sector floats. "Without the innovation of Hong Kong's capital markets, we wouldn't get a chance to go public in Hong Kong", he said.

Lei has described Xiaomi as a "new species" of company with what he describes as a "triathlon" business model combining hardware, internet and e-commerce services. The main stock market in London opened higher.

The drop came after an affordable smartphones and other gadgets maker, Xiaomi priced its IPO at a valuation of about $54 billion, far lower than its target range. From day one, we've set up a dual-class share structure.

It is now the biggest smartphone vendor in India and is pushing into European markets including Spain and Russian Federation, though it has lost share in China recently to lower-cost rivals.

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