Shares of Chinese smartphone giant Xiaomi open lower than their debut price (China).
Originally priced at HK$17 (US$2.17), Xiaomi shares fell to HK$16.6 (US$2.12) in early-day trading following the firm’s IPO on the Hong Kong Stock Exchange. According to IDC, the eight-year-old company has become the world’s fourth-largest smartphone maker by selling affordable gadgets and accepting low margins. Xiaomi has faced several problems prior to its Hong Kong listing, including an indefinite delay to its planned concurrent float in mainland China and alleged environmental failings in its supply chain. (CNBC)