Chinese manufacturer of smart phones Xiaomi Falls in Hong Kong Trading Debut

Shares of Chinese smartphone maker Xiaomi Corp., which raised $ 4.7 billion in one of Hong Kong's largest initial public offerings in recent years, fell on its debut on Monday as the market rose in general.

The lackluster start came after Xiaomi put a price on its IPO at the lower end of an expected range, which gave the company a $ 54 billion valuation. If stocks are underperforming in the coming days and weeks, they could hurt the prospects of other technology companies that are preparing their own billionaire listings in the city.


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