Xiaomi's Share Price Closed At HK$16.80 ($2.14) On Day 1 Of Hong Kong Listing

This morning, Xiaomi Group was officially listed on the Hong Kong Stock Exchange. The company is quite excited about the achievement but its 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 today, Xiaomi's share price rose to HK$16.8 ($2.14) which is 1.18% below the listing price.

However, Xiaomi's CEO, Lei Jun, stated that though its stock price took a short-term plunge, this is not entirely important because the long-term price will be better. Xiaomi was able to raise about HK$23.97 billion ($3.05 billion) and its IPO is about $54 billion which is over 30% lower than the initial speculations. It appears that investors are not so keen on putting their cash in Xiaomi's stock. The company has a 5% profit policy which might not be in the best interest of investors.

Lei Jun said. “A lot of people don’t understand Xiaomi. We have a lot of innovations in hardware, and e-commerce or Internet business...Over the past 8 years, we have more than 100 products,"