Shares of Chinese smartphone giant Xiaomi open lower than their debut price (China). Originally priced at HK$17 (US$2.17), Xiaomi shares fell to HK$16.6 (US$2.12) in early-day trading following the firm’s IPO on the Hong Kong Stock Exchange. According to IDC, the eight-year-old company has become the world’s fourth-largest smartphone maker by selling affordable gadgets and accepting low margins. Xiaomi has faced several problems prior to its Hong Kong listing, including an indefinite delay to its planned concurrent float in mainland China and alleged environmental failings in its supply chain. (CNBC)
Chinese cryptocurrency miner Bitmain closes series B funding round valuing it at around US$12 billion (China). Participants in the round included Sequoia Capital, US hedge fund Coature, and Singapore government-backed EDBI. (Caixin)
Tencent plans spin-off and US listing for its online music entertainment business (China). The gaming and messaging giant outlined the proposal in documents submitted to the Hong Kong Stock Exchange, and said it would announce more details soon. (Hong Kong Stock Exchange)
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