Xiaomi stumbles on HK debut

Mega float sees subdued demand amid mounting concerns over high valuation

Xiaomi experienced a weak trading debut in Hong Kong as its once-highly anticipated initial public offering faced muted demand.

Shares of Xiaomi opened down at HK$16.60 ($2.16) on Monday, more than two percent below its offering price of HK$17 and extending Friday's lackluster performance when the company's shares closed gray market trading at HK$16.10.