Xiaomi Corp made a weak debut in Hong Kong on Monday, with the Chinese smartphone maker's shares sliding as much as 6% on valuation concerns, in an ominous sign for its technology sector peers lining up listings in the city.
A packed initial public offering (IPO) calendar in the coming months will include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world's largest mobile tower operator.
Xiaomi shares closed at HK$16.80, having touched a low of HK$16 in early trade, compared to the IPO price of HK$17 per share. The main Hong Kong stock market index ended 1.3% higher.Xiaomi
priced the IPO at the bottom of the range it offered, in a deal worth $4.72 billion - the world's biggest technology float in almost four years.