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xiaomi stock

74

Xiaomi's stock has fallen almost 50% in the past year—is the smartphone boom over?

Xiaomi has generally been the poster child for the narrative that extols and marvels at the rise of China's young smartphone manufacturers globally. Like Huawei, Oppo, and Vivo, Xiaomi sells tens of millions of phones every year, and it does so at highly aggressive prices—often so low that they're a source of novelty in and of themselves for curious westerners. But the company's stock tells a very different story: of a Xiaomi that has failed to capitalize on its advantages, and is now worth less than a social media network best known for memes and the ramblings of one Very Angry President.

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With stock IPO, Xiaomi is now worth three times as much as LG

Xiaomi was traded publicly for the first time today on Hong Kong's Hang Seng index (symbol: 1810-HK), with the market having since closed for the day. Xiaomi's target price for its initial public offering was $17HK per share, an expectation it failed to meet.

The stock fell upwards of 6% in early trading, but later rallied to close in on that target IPO price, ending the day at $16.80HK. This gives the smartphone maker a market capitalization (value) of over $50 billion, a far cry from the $100 billion Xiaomi sought when announcing its plans for an IPO earlier this year.

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