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Asia Markets

Xiaomi’s Disappointing IPO

Chinese smartphone giant Xiaomi priced the sale of its shares at the bottom end of the marketed range in its Hong Kong initial public offering. At $HK17 ($2.17) apiece, the sale now values Xiaomi at about $54 billion. Earlier this year, some people familiar with the IPO discussions were expecting Xiaomi’s valuation to be as high as $100 billion, though the company later lowered its pricing...

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