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Smartphone maker Xiaomi begins trading in Hong Kong, shares fall 6 percent

Chinese smartphone maker Xiaomi Corp's shares fell as much as 6 percent on its Monday (July 9) debut in Hong Kong due to valuation concerns, delivering a blow to investor sentiment in the tech sector where peers have lined up listings in the city.

Xiaomi priced its Hong Kong initial public offering (IPO) at HK$17 per share, the bottom of an indicative range, raising $4.72 billion in the world's biggest technology float in four years. Its shares touched a low of HK$16 in opening deals. By 0234 GMT, the stock was trading at HK$16.48, down 3 percent, while the main Hong Kong stock market index was 1.4 percent higher. 

The IPO pricing valued the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, almost half its original $100 billion ambition earlier this year.

Xiaomi's blockbuster Hong Kong offering is the first listing under new exchange rules designed to attract tech floats, as competition heats up between Hong Kong, New York and the Chinese mainland for tech offerings.

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