https://techcrunch.com/2018/07/09/xiaomi-hong-kong-ipo/

China’s Xiaomi, the world’s fifth biggest seller of smartphones, made an underwhelming public debut after it hit the Hong Kong Stock Exchange amid concerns around an ongoing trade war between the U.S. and China.

Media reports in the lead up to today’s bell ringing suggested that eight-year-old Xiaomi was shooting for a valuation of as much as $100 million. In the end, it had to settle for a more modest $54 million valuation as it raised $4.7 billion from the IPO.