On 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 ($2.14) which is 1.18% below the listing price. Xiaomi’s CEO, Lei Jun, stated that though its stock price took a short-term plunge, it will have a better long-term price.
Now, it’s only the fourth day of Xiaomi stock trading and the company’s share price has been rising all the way. For the past three days, Xiaomi drew enough fund inflows to stage a sharp rebound on trading. Xiaomi’s HK stock price rose to around HK$ 21.30 ($2.71) which is over 3% higher its HK$17 ($2.17) listing price. It is reported that the opening price of Xiaomi Group today is HK$19.6, which is 15% higher than the issue price.
As of 10:00 am, the stock market value of Xiaomi Group reached HK$458.7 billion ($58.4 billion) which is about $3.5 billion more than Jingdong. Meanwhile, on the Forbes real-time rich list, Lei Jun’s personal wealth reached $18.4 billion to rank 61st in the world and sixth in mainland China. We will closely monitor the progress of Xiaomi Group in the Hong Kong Stock Market and release relevant reports as they arrive.