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giftedviz.com November 13, 2018


Poor start for Xiaomi - IPO draws bids at discount in grey market

11 July 2018, 12:43 | Megan Pierce

Poor start for Xiaomi - IPO draws bids at discount in grey market

Poor start for Xiaomi - IPO draws bids at discount in grey market

Xiaomi opened at HK$16.60, 2.4% lower than its IPO price of HK$17.

Enthusiasm for Xiaomi may have waned because investors are holding out for other big Chinese tech IPOs on the horizon, Hong said.

Shares in Xiaomi, the Chinese mobile phone maker, slid nearly 6% at the start of trading in Hong Kong.

Founded in 2010 by entrepreneur Lei Jun (雷軍), 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 a year ago, International Data Corp said.

Still, the eight-year-old company, which has ambitions to transform itself from a low-priced maker of phones to a global rival to match Apple, managed to raise $4.72bn, making it the world's biggest technology float in four years.

Stocks in Hong Kong and Shanghai have taken heavy hits. It later expanded into computers, TVs and home appliances.

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The analysts had earlier cited a range of factors for the relatively weak pricing, such as the Chinese CDR delay and recent negative investor sentiment toward global equities, including recent stock market downturns in China and Hong Kong, amid trade war fears between the United States and China. "If you don't like the price, you can stay away". Instead, the current valuation of $46 billion essentially means the company's value remains unchanged from its last fundraising round in 2014.

On Monday, the Xiaomi President and co-founder, Lin Bin, told to CNBC that, "I think short-term stock price is mostly dictated by market conditions".

"We are an internet company and from Day 1 we have set up a weighted voting rights structure with dual-class shares", he added.

Xiaomi's founder Lei Jun described his company's business model as a "triathlon model" with three components; third-party hardware sales, smartphone sales, and "internet service" sales which include media and ads.

Xiaomi's IPO had been expected to raise up to $10 billion, split between a Hong Kong and a mainland offering, which was postponed last month in a surprise move. The company is also making waves in Europe, where after less than two years in the market, it has become the fourth biggest smartphone seller.



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