The stock lost about 30 percent in the six months that followed its Hong Kong debut, the city’s worst-performing initial public offering with a value of at least $3 billion.
Billions of Xiaomi shares have been unlocked for sale after the six-month lockup period that followed the company’s debut expired. That’s enabled many shareholders, who could only watch as the stock shed $14 billion in market value, to finally join the selling.
Speaking at the company’s annual developer conference in Beijing, Xiaomi founder and CEO Lei Jun said AI and IoT will be the core strategy of his company’s business in the next five to 10 years.
Chinese tech giant Xiaomi is looking to cement its status as India’s leading smartphone provider by opening thousands of stores before the end of 2019.
The company’s products will be sold both online and in store, including at an authorised Mi outlet due to open in London’s Westfield mall on November 18.
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.
StockMarketNews.Today – Xiaomi’s senior vice president Wang Xiang made a formal announcement about it via his official twitter handle. He even shared some pictures of the newly opened largest Mi Home store in Wuhan.