Xiaomi raises $3.05 billion Dollars following its IPO

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These include a $4 billion deal from online food delivery-to-ticketing services platform Meituan Dianping and an up to $10 billion IPO from China Tower, the world's largest mobile tower operator.

After Xiaomi's IPO in Hong Kong, shares dived nearly 4 percent in morning trading on Monday, falling as much as 5.9 percent at one point. By 0234 GMT, the stock was trading at HK$16.48, down 3 percent, while the main Hong Kong stock market index.HSI was 1.4 percent higher.

Speaking at the ceremonial opening of trading, Xiaomi's chairman Jun Lei acknowledged that the timing of the IPO might not be optimal given the state of trade friction between the USA and China. The spat pushed Hong Kong's benchmark index to a nine-month low last week. The Chinese company suffered a number of setbacks during its IPO journey, from being forced to jettison a plan to sell Chinese depositary receipts in Shanghai to pricing its shares at the very bottom of a marketed range.

Aside from global market concerns, investors are said to have been unsure of Xiaomi's ecosystem story.

Let us know in the comments if you think Xiaomi will do well in the medium and long term in terms of its stock price.

The company had also expected to split its listing with another offering on mainland China, but cancelled that.

At Monday's closing price the company had a market value of $53.3 billion.

The HK$17 price valued the company at 39.6 times its forecast 2018 earnings, while iPhone maker Apple is trading at 16 times and Chinese social media and gaming giant Tencent Holdings at 36. Most recent floats in Hong Kong dropped below IPO prices.

Potential investors also struggled to view the company as the internet play it considers itself to be, rather than as a smartphone maker - the lower-margin business that now generates most of its profits, sources said. Such firms tend to carry far higher valuations than device makers.

The float adds to Hong Kong's $7 billion worth of new listings this year. From day one, we've set up a dual-class share structure.

Shares of some other tech-related companies that floated recently have been weak in Hong Kong. Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. are leading Xiaomi's IPO as joint sponsors.

Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.