https://www.theregister.co.uk/2018/06/29/xiaomi_ipo_sad_trombone/

Xiaomi, the hugely hyped Chinese tech company, raised less money than it wanted in a private placement this week – the biggest Middle Kingdom IPO since Alibaba in 2014.

Seeking to raise over $6.1bn on the Hong Kong exchange, Xioami is estimated to have pocketed $4.72bn. But it's still plenty with which to attack markets in the West with an aggressive business model and a pledge never to make more than 5 per cent margin on hardware.