techkenyot.com
techkenyot.com October 17, 2018


Xiaomi's shares open 2.9% down on debut in Hong Kong

09 July 2018, 07:38 | Casey Mitchell

Xiaomi's shares open 2.9% down on debut in Hong Kong

Xiaomi's shares open 2.9% down on debut in Hong Kong

A new wave of Chinese tech companies are planning forays into public markets to raise billions of dollars through initial public offerings. Before Monday, Hong Kong's benchmark index had fallen more than 10% from early June.

Despite Xiaomi's challenging debut, Reuters notes that Hang Seng - the Hong Kong stock market index - was 1.7 percent higher.

Speaking at the ceremonial opening of trading, Xiaomi's chairman Jun Lei acknowledged that the timing of the IPO might not be optimal given the state of trade friction between the USA and China.

"Investors are skeptical about Xiaomi's growth momentum as the global smartphone market seems to be on a downward slope", said Jacky Zhang, an analyst at BOC International in Shanghai.

Daredevil Tony Pastrana replicates Evel Knievel's jumps
Travis Pastrana jumps the fountain at Caesars Palace on a motorcycle Sunday, July 8, 2018, in Las Vegas . He died in 2007 at the age of 69.

"The tit-for-tat going on in the political front between the Unites States and China is spilling over, especially in the tech space,"said Jake Saunders, an analyst at ABI Research".

At Monday's closing price the company had a market value of $53.3 billion.

Chinese smartphone maker Xiaomi Corp's shares fell as much as 6 percent on debut in Hong Kong due to valuation concerns, delivering a blow to investor sentiment in the tech sector where peers have lined up listings in the city.

Xiaomi argued that it should receive a higher valuation than other hardware makers because of the internet services - such as music and video streaming apps - it offers with its devices.

Prince Charles Will Confront Friend Who Slams Meghan Markle's Family
The event marked Prince Harry's first official undertaking in his new role as a Commonwealth Youth Ambassador. The Duchess of Sussex attends the "Your Commonwealth" Youth Challenge Reception at Marlborough House, London.

The Xiaomi float adds to Hong Kong's $7 billion worth of new listings so far this year. Meanwhile, ride-hailing company Didi Chuxing and Alibaba-affiliated digital payments firm Ant Financial are also reportedly considering IPOs.

"We are an internet firm", Xiaomi's founder and chief executive Lei Jun told the listing ceremony at the Hong Kong stock exchange.

Xiaomi, which helped to pioneer the trend for ultra-low-priced smartphones, says it plans to become an equipment-and-hardware brand alongside Apple Inc.

It is now the biggest smartphone vendor in India and is pushing into European markets including Spain and Russian Federation, though it has lost share in China recently to lower-cost rivals.

Ten killed, dozens injured in Turkey train derailment
In January 2008, nine people were killed when a train derailed in the Kutahya region south of Istanbul due to faulty rails. Television footage shows rescuers heading to the crash site, and victims pulled from the carriages.



Other News

Trending Now

Syria says it hit Israeli jet during airstrikes targeting base in Homs
In addition to the Syrian army, Iranian fighters and Lebanese Hezbollah troops are also stationed at the air base, according to the Observatory.

Hazard grew up supporting France
Mina, who scored three goals for Colombia at the World Cup , has been linked with Merseyside rivals Liverpool and Everton. The Red Devils have also shown that, unlike their last two major worldwide tournaments, the big matches do not faze them.

'Ant-Man and the Wasp' marks Marvel's 20th straight No. 1 opening
Disney's " Incredibles 2 " passed "Finding Dory" to become Pixar's top-grossing film domestically, not accounting for inflation. The 2018 box office, which just hit US$6.5 billion, is up 9 per cent from a year ago , according to ComScore.

UK Brexit negotiator David Davis quits
George Freeman, May's former policy chief, said on Twitter that a " no deal " Brexit "just got a lot more likely". The Tory leader's hard-won proposal was agreed to at her Chequers country retreat after marathon talks on Friday.

Maritimes could be in path of Tropical Storm Chris, Environment Canada says
It could pass near or over Nova Scotia and Newfoundland later this week, but is expected to be weaker then. A Tropical storm watch is in effect for Dominica while watches for Martinique, St.

Roger Federer vs Adrian Mannarino, Wimbledon 2018 live score and latest updates
However, you can counter that by saying the pair of all-time greats usually deliver a compelling match when they face each other. Nadal is in the hunt for his first championship in England since 2010, when he defeated Tomas Berdych to win the title.

Trump’s trade war: what is it and which products are affected?
Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy. Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat.

Antonio Conte returns for Chelsea training amid job uncertainty
Chelsea's first pre-season game is in Australia, against Perth Glory on 23 July. Chelsea stars such as Cesc Fabregas returned to pre-season training today.

Nirbhaya's rapists to be hanged, SC rejects review petition
The Court had reserved its judgement in the matter on May 4 this year after hearing the arguments on behalf of the convicts. August 31 , 2013: JJB holds minor guilty of rape and murder and confined him to a remand home for three years.

Hierro cuts ties with Spanish federation after World Cup exit
Lopetegui was sacked two days before their opening World Cup match with Portugal after he was named Real Madrid boss. Fernando Hierro with Andres Iniesta after the last 16 rounds defeat by Russian Federation at the ongoing World Cup.