On Monday, July 9, Xiaomi's initial public offering went live in Hong Kong, China. While this is a huge move for the company as it continues to grow, Xiaomi's first day of trading wasn't the most successful.
Xiaomi Raises $3.05 billion USD Following its IPO
The stock opened at HK $16.60.
The IPO opened at a price of HK $16.60 (about $2.12 USD) per share which is a fair amount below the original IPO value of HK $17. The stock finally closed at HK $16.80 but dropped as low as HK $16 earlier in the day (a decrease of 5.88%).
Xiaomi first announced it was going public on May 3 and hoped to raise $10 billion USD to get to a total valuation of $100 million. After its first day on the market, Xiaomi ended up raising $3.05 billion USD.
Xiaomi's Co-Founder and President Lin Bin said: "I think short-term stock price is mostly dictated by market conditions. What we will be doing is to focus on the long-term growth of our business."
As a public company, Xiaomi previously noted that it doesn't plan on making any more than 5% when it comes to hardware sales. Instead, the majority of the revenue comes from Xiaomi's various software services and features that are installed on its phones.
(Source: androidcentral.com)
沪公网安备31010402003309号
