Xiaomi Drops on Debut at the Hong Kong Stock Exchange

Lei Jun, chairman and chief executive officer of Xiaomi Corp., strikes a gong as Wang Chuan, co-founder and senior vice president of the television business, left, Hong Feng, co-founder and senior vice president, second left, Lin Bin, co-founder and president, third left, Laura Cha, chairman of of Hong Kong Exchanges and Clearing Ltd. (HKEX), fourth left, a representative of Mi Fan, second right, and Paul Chan, Hong Kong's financial secretary, applaud and cheer during the company's listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Monday, July 9, 2018. Xiaomi fell as much as 6 percent on its debut, as an escalating trade war and uncertainty about its valuation combined to dampen Hong Kong's biggest coming-out party in two years. Photographer: Anthony Kwan/Bloomberg via Getty Images