Chinese smartphone maker Xiaomi’s shares have fallen 18% in the past three days as the expiration of lockup restrictions on early shareholders selling, Bloomberg reported. The lockups expired six months after the company’s stock market debut, as is commonly the case.
Adding to the woes, investment bank analysts have been cutting their price targets. Xiaomi shares are now trading at just below HK$10, well below their IPO price of HK$17.
Xiaomi’s troubles reflect a broader slowing in the world’s second-largest economy, as well as shifting consumer spending away from things like branded fashions and smartphones to experiences such as as travel that has also hurt sales of Apple’s iPhone.