Xiaomi got off to a disappointing start at its much-anticipated Hong Kong IPO on Monday, with shares falling almost 5% even after being priced lower than initially planned.
The company listed at HK$17 but fell as far as HK$16.18, with investors responding to Xiaomi’s decision to price itself at the bottom of its target range, according to the Financial Times.
The debut suggested a market cap of $53.9 billion – significantly short of Xiaomi’s original goal of $100 billion.
The anticipation surrounding Xiaomi’s IPO took a hit in recent weeks after it scaled down its expected valuation and shelved plans for a joint listing on the Chinese mainland. It was initially poised to be the largest tech IPO since Alibaba’s offering in 2014.