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.