Technology

Xiaomi Makes Its Trading Debut on the Defensive

Xiaomi Makes Its Trading Debut on the Defensive

Bloomberg) — It was hailed as the biggest and most important Chinese technology debut in years. Instead, Xiaomi Corp.begins life as a public company on the defensive, struggling to justify a lofty valuation while buffeted by a geopolitical storm beyond its control.

When billionaire Chairman Lei Jun strikes the gong on Monday in Hong Kong, he will usher onto public markets a company twice as expensive as Apple Inc. that is pitching itself as a high-growth internet play on par with the likes of Facebook Inc. At about $50 billion, Xiaomi will become the world’s third-largest publicly-traded maker of mobile devices, a standard-bearer for Chinese corporations seeking to become global players and leaders in technology.

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