It started with great fanfare but when Xiaomi strikes the gong on the Hong Kong stock exchange on Monday, it will begin trading with a valuation of $54bn — barely half the $100bn target just six months ago.
The deflation of the Chinese smartphone maker’s initial public offering, which will now raise $4.7bn, is a story of bad timing, regulatory wrangling and a pitch that failed to jell with investors.
Back in January animal spirits were high. Xiaomi had staged a successful turnround, markets were buoyant and US President Donald Trump had yet to unleash a trade war.
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