"Investors are skeptical about Xiaomi's growth momentum as the global smartphone market seems to be on a downward slope", said Jacky Zhang, an analyst at BOC International in Shanghai.
The Chinese smartphone giant-and the world's fifth biggest smartphone maker-went public on the Hong Kong Stock Exchange on Monday, reports CNBC. Although the largest offering by a technology company in four years, Xiaomi had originally been hoping to attract as much as HK $22 per share in its planned float of about 2.18 billion shares.
Traders will be able to bet on further declines by shorting the stock on its first day of trading, according to the Hong Kong exchange operator.
The IPO pricing valued the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, nearly half its original $100 billion ambition earlier this year.
Let us know in the comments if you think Xiaomi will do well in the medium and long term in terms of its stock price.
Analysts say this is partly because Chinese IT firms are likely to be affected by the ongoing trade friction with the United States.
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Typically companies are valued on a multiple of profits or sales.
"Other IPO candidates will rush to Hong Kong to list before the market sentiment shifts".
Xiaomi's IPO had been expected to raise up to $10 billion, split between a Hong Kong and a mainland offering, which was postponed last month in a surprise move.
Xiaomi is one of the world's most hotly anticipated stock market listings, having risen to prominence in developing markets, such as China.
"From day one, we've set up a dual-class share structure".
Xiaomi argued that it should receive a higher valuation than other hardware makers because of the internet services - such as music and video streaming apps - it offers with its devices.
Its shares fell Monday even though the broader Hong Kong market was up about 1.5%. The company is also making waves in Europe, where after less than two years in the market, it has become the fourth biggest smartphone seller.