Xiaomi Drops on Debut at the Hong Kong Stock Exchange

Lei Jun, chairman and chief executive officer of Xiaomi Corp., strikes a gong as Lin Bin, co-founder and president, left, and Laura Cha, chairman of of Hong Kong Exchanges and Clearing Ltd. (HKEX), second left, look on while a representative of Mi Fan, right, gestures 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