‘We are different’: WeDoctor actively preparing for Hong Kong IPO

Judy Cobb
July 11, 2018

Shares debuted at 17 Hong Kong dollars ($2.17), but rapidly fell around 6 percent by start of trading in Hong Kong.

In the end, it had to settle for a more modest $54 million valuation as it raised $4.7 billion from the IPO. It's also a disappointment for Hong Kong, which this year revised regulations to allow tech companies with uneven voting structures like Xiaomi to float.

Xiaomi, one of the world's biggest smartphone companies, saw its shares slip 6pc in early trading on the Hong Kong Stock Exchange.

Xiaomi's IPO comes days after the USA and China began a trade war that has seen each nation imposes billions in tariffs on the other.

"However, given the targeted high valuations of many new-economy IPO hopefuls and the number of IPOs going forward, it will be challenging for the market to digest all of them", Hong added.

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Xiaomi's IPO valued the firm, which also makes internet-connected home appliances and gadgets, at $54 billion, nearly half the $100 billion it had initially hoped for and below its more recent target of at least $70 billion.

At Monday's closing price the company had a market value of $53.3 billion.

Tencent-backed online health care solutions platform WeDoctor, valued at US$5.5 billion after its latest round of fundraising, said on Monday it was actively preparing for a flotation in Hong Kong, despite the recent bearish sentiment in the market.

The company, which had hoped to be valued at $100bn (£75 billion) earlier this year, is now worth about $53bn, making it the third largest listed maker of mobile phones.

Xiaomi made 2.18 billion shares available for purchase and was expected to sell them for between HK$17 ($2.17) and HK$22 ($2.8).

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