Xiaomi Corp

Xiaomi Corp. News: Concerns about its longer-term prospects have scared off investors, shaving off more than a third of the company’s value from a peak shortly after its listing.

StockMarketNews.Today – Xiaomi’s shares initially rallied after its $4.7 billion Hong Kong initial public offering (IPO) in July, but have moved steadily downward since then on concerns about its ability to compete in the market’s more lucrative higher end with the likes of Apple Inc. and Samsung Electronics.

China Renaissance another first-day flop for the city alongside Xiaomi Corp.’s debut.

StockMarketNews.Today – While the weak debut is disappointing for the bank, it also poses a challenge for Hong Kong Exchanges & Clearing Ltd., which has positioned itself as the international gateway to China’s markets. While Meituan jumped on its first trading day this month, IPOs such as Xiaomi and China Renaissance have represented a more typical pattern this year, with newly listed stocks falling 6.7 percent on a weighted-average basis.

Xiaomi’s sales keep growing lately and that’s despite the limited availability around the globe. The company is working hard on addressing that though and after arrivals in the Philippines, Hungary, and Austria, a Mi Store has just opened in Istanbul.

StockMarketNews.Today – The store is located at Vadistanbul Shopping Center and the opening of the brick-and-mortar shop gathered huge crowds who lined for gift cards, power banks, Mi Band 2 fitness trackers and 800 more surprises. It also offers all the latest mobile devices like the Mi Band 3, Xiaomi Mi 8, and the Android One-based Xiaomi Mi A2 smartphone.

Xiaomi is trying to position itself as an internet company, asserting that it’s more than just a hardware maker because of the services it offers with its devices, such as music and video streaming apps.

StockMarketNews.Today – Xiaomi has posted a bumper profit in its first earnings report since going public last month. The Chinese smartphone maker said Wednesday it made 14.6 billion yuan ($2.1 billion) in the three months to June 30, beating industry estimates. Revenue grew 68% compared to the same period last year to 45.2 billion yuan ($6.6 billion).

Xiaomi’s weak debut – Xiaomi Corp’s shares fell as much as 6 percent in their Hong Kong debut on concerns over the Chinese smartphone maker’s valuation, in an ominous sign for its technology sector.

The share performance of Xiaomi is a key test of investor sentiment for what is expected to be a packed initial public offering (IPO) calendar in the coming months. These include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world’s largest mobile tower operator.