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Bloomberg
More Xiaomi Corp shareholders are rushing for the exit.
An undisclosed investor sold 231 million Class B shares at HK$9.45 apiece, according to people with knowledge of the matter, a 5.1 percent discount to Tuesday’s close.
The placing follows the end of a six-month lockup last week that has allowed early shareholders to sell Xiaomi stock for the first time. The shares fell 2.6 percent in Hong Kong on Wednesday.
Xiaomi was one of the world’s most hyped initial public offerings in recent years, with bankers initially touting a valuation of as much as $100 billion. The Chinese smartphone maker’s market capitalisation has dropped to about $30 billion from a high of $61 billion reached after its 2018 debut — which, by one measure, was the city’s biggest flop ever.