https://phys.org/news/2018-07-china-xiaomi-dip-hong-kong.html

Even before public trading started confidence was low, with investors selling at a discount on the unofficial "grey market" last week, Bloomberg News reported.

Despite being one of the most anticipated Chinese technology IPOs this year, Xiaomi saw a disappointing valuation of US$54 billion, well below its ambitious US$100 billion target.