Xiaomi Corp

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).

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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.