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Chinese smartphone maker Xiaomi flops in stock debut

Hong Kong listing ceremony for Xiaomi. Photo by Zhang Wei/China News Service/VCG

Chinese smartphone maker Xiaomi saw its shares close down 1.2% on its first day of trading in Hong Kong, following what was already a disappointing IPO.

Why it matters: Xiaomi was seen as a bellwether for other Chinese tech offerings that are expected in the second half, such as China Tower and Meituan Dianping, with original plans to be valued at around $100 billion.