On Monday, July 9, Xiaomi's initial public offering went live in Hong Kong. While this is a huge move for the company as it continues to grow, Xiaomi's first day of trading wasn't the most successful.

The IPO opened at a price of HK $16.60 (about $2.12 USD) per share which is a fair amount below the original IPO value of HK $17. The stock finally closed at HK $16.80 but dropped as low as HK $16 earlier in the day (a decrease of 5.88%).

Xiaomi first announced it was going public on May 3 and hoped to raise $10 billion USD to get to a total valuation of $100 million. After its first day on the market, Xiaomi ended up raising $3.05 billion USD.

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Speaking to CNBC, Xiaomi's Co-Founder and President Lin Bin said:

I think short-term stock price is mostly dictated by market conditions. What we will be doing is to focus on the long-term growth of our business.

As a public company, Xiaomi previously noted that it doesn't plan on making any more than 5% when it comes to hardware sales. Instead, the majority of the revenue comes from Xiaomi's various software services and features that are installed on its phones.

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