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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.

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."

Go deeper

Updated 4 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

4 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.