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The smartphone company opened down at HK$16.60, according to Dow Jones, which was below the initial public offering price of between HK$17 and HK$22 for the approximately 2.18 billion shares.

Xiaomi also postponed a plan to offer shares in mainland China, which would have given it access to capital from still more investors.

Xiaomi is one of the world's most hotly anticipated stock market listings, having risen to prominence in developing markets, such as China. He told Yicai that it was not necessarily a bad thing for Xiaomi to start from a lower point. The first quotation was 16.6 Hong Kong dollars, against 17 for the IPO. However, its estimated value of US$54.3bn fell short of the previous valuation range of US$70bn-US$100bn.

Xiaomi sold 2.18 billion shares in its IPO, 1.4 billion of which were new shares.

"I want to extend gratitude to all of them".

Founded in 2010 by entrepreneur Lei Jun, Xiaomi has grown from a start-up in Zhongguancun - China's "Silicon Valley" - to become the world's fourth-biggest smartphone vendor at the end of previous year, according to International Data Corp.

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Investors, senior officials from the Hong Kong Exchange, 175 Xiaomi employees and some Xiaomi users attended the ceremony.

Xiaomi also made its debut amid an escalating trade war between the United States and China, which has sent the Hong Kong stock market, Hang Seng, to a nine-month low. The city has loosened its rules to attract more big-name Chinese technology companies and benefit from one of the world's biggest online booms.

Xiaomi priced its IPO at earnings multiples higher than more established tech giants, including Apple, Tencent Holdings Ltd. and Facebook Inc., arguing it was an internet services company even as most of its revenue came from hardware. "If you don't like the price, you can stay away".

"We are an internet company and from Day 1 we have set up a weighted voting rights structure with dual-class shares", he added.

"The market is really concerned about how much growth Xiaomi can generate in 2019, and whether the company can deliver" on what it pitched to investors, said Hao Hong, chief strategist at Hong Kong-based broker BOCOM International.

Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.