Biography | 雷军 Lei Jun — The Exchange Square Listing That Priced Xiaomi at the Bottom of Its Range

On 9 July 2018 Xiaomi Corporation began trading in Hong Kong under the code 1810.

The offer had been priced at 17 Hong Kong dollars a share, the floor of a 17-to-22 range.

The company raised about 4.7 billion US dollars and came to market at a valuation near 54 billion, after earlier talk of a much larger figure.

The stock opened below the offer price and closed the first day at 16.80.

Lei Jun spoke at the listing ceremony in the exchange's Central complex.

He pointed to tense trade conditions between China and the United States rather than to the product line.

Kingsoft had listed in the same building eleven years earlier.

That was a software firm.

This listing was a phone-and-internet company that had been founded eight years before in a Zhongguancun walk-up.

The podium is public.

The later dual listing in Hong Kong and mainland China is another day.

Photo: Exchange Square building, Enoch Lau, via Wikimedia Commons. Portrait: 中国新闻网, CC BY 3.0, via Wikimedia Commons.