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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