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.

Xiaomi raised $4.7 billion in its IPO after pricing shares at the lowest end of its HK$17-HK$22 offering range. This gave it an initial market value of around $54 billion, which is just around half of what it originally sought — but still above its most recent private mark of $46 billion.

• Shares fell as much as 6% today, before recovering a bit to end down 1.2%.
• The broader Hang Seng index fell 6.5% in June, reflecting softness in Chinese tech stocks.

Per Bloomberg's Crystal Tse: "The company was also planning to raise funds from mainland Chinese investors nearly simultaneously with the Hong Kong IPO. It has since delayed the plan to float so-called Chinese depositary receipts in Shanghai, which reduced its overall fundraising target."