Chinese smartphone maker Xiaomi kicked off its initial public offering (IPO) today. The company debuted on the Hong Kong Stock Exchange under the symbol "1810-HK," and with the Hong Kong market closed after a day of trading, the stock settled in at 16.80HKD ($2.14). This was down from Xiaomi's initial price of 17HKD, but it still values the company at around $50 billion, making Xiaomi the biggest tech IPO in around four years.
The $50 billion valuation means Xiaomi is now the third most-valuable publicly traded smartphone maker, behind Apple and Samsung, but it's still a far cry from the $100 billion target the company had earlier this year.
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