Xiaomi Underperforms in First Day After IPO
In her article for the NY Times, Alexandra Stevenson recaps a weak first day of trading for the Chinese technology giant Xiaomi.
"Xiaomi is widely expected to be the first of several big Chinese tech names to seek initial public offerings in coming months. They include Didi Chuxing, China’s version of Uber; Ant Financial, the financial affiliate of the Alibaba Group; and Meituan-Dianping, an online delivery service for food and products," said Stevenson.
But these upcoming deals could be impacted by the tepid performance in Xiaomi's IPO.
"Xiaomi’s public debut was supposed to value the Chinese gadget maker at $100 billion and set the stage for a global coming-out party for some of China’s most successful technology companies. When Xiaomi finished its first day of trading on Monday, the company was worth only $48 billion, weakness that could hang over the rest of the Chinese tech players waiting to go public."
Full article on the NY Times - HERE