Xiaomi’s Topples Tencent As Its HK Stock Price Continues To Rise

Xiaomi’s Topples Tencent As Its HK Stock Price Continues To Rise

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Onn July 9, Xiaomi Group was officially listed on the Hong Kong Stock Exchange. The company was quite excited about the achievement but its HK stock price started at HK$16.60 ($2.12) which is 2.35% lower than the listing price of HK$17 ($2.17). However, at the close of work for the first day sales, Xiaomi’s HK stock price rose to HK$16.8 ($2.14) which is 1.18% below the listing price. Xiaomi’s CEO, Lei Jun, stated that though its stock price took a short-term plunge, it will have a better long-term price.

Now, it’s only the third day of Xiaomi stock trading and the company’s share price has been rising all the way. Hong Kong stocks closed flat today which saw a decline in Chinese internet giant Tencent Holdings, while Chinese manufacturer, Xiaomi drew enough fund inflows to stage a sharp rebound on its third day of trading. Xiaomi’s HK stock price rose to around HK$19 ($2.42) which is over 3% higher its HK$17 ($2.17) listing price.

Tencent and Xiaomi were the two most active stocks and these companies traded HK$10.4 billion and HK$9.8 billion respectively.  This is a good sign/start for Xiaomi but we all know how the Hong Kong stock market fluctuates. It will take a bit of consistency for Xiaomi to make a meaningful impact in the market.

SOURCEhkex
I'm a professional geologist and an enthusiastic writer who is interested in technology. I sleep and wake with my mobile phone, data connection on 24/7. My PC is never more than a metre from me.
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