Onn July 9, Xiaomi Group was officially listed on the Hong Kong Stock Exchange. The company was quite excited about the achievement but its HK stock price started at HK$16.60 ($2.12) which is 2.35% lower than the listing price of HK$17 ($2.17). However, at the close of work for the first day sales, Xiaomi’s HK stock price rose to HK$16.8 ($2.14) which is 1.18% below the listing price. Xiaomi’s CEO, Lei Jun, stated that though its stock price took a short-term plunge, it will have a better long-term price.
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Now, it’s only the third day of Xiaomi stock trading and the company’s share price has been rising all the way. Hong Kong stocks closed flat today which saw a decline in Chinese internet giant Tencent Holdings, while Chinese manufacturer, Xiaomi drew enough fund inflows to stage a sharp rebound on its third day of trading. Xiaomi’s HK stock price rose to around HK$19 ($2.42) which is over 3% higher its HK$17 ($2.17) listing price.
Tencent and Xiaomi were the two most active stocks and these companies traded HK$10.4 billion and HK$9.8 billion respectively. This is a good sign/start for Xiaomi but we all know how the Hong Kong stock market fluctuates. It will take a bit of consistency for Xiaomi to make a meaningful impact in the market.
