Xiaomi down 2.9% after raising $4.9 bn in biggest tech float in four years

The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, almost half its original $100 billion ambition earlier this year

Chinese smartphone maker Xiaomi Corp's shares dropped 2.9 per cent on debut in Hong Kong on Monday, in a blow to investor sentiment for the tech sector as a raft of peers line up their own listings in the city.

Xiaomi priced its Hong Kong initial public offering (IPO) at HK$17 per share, the bottom of an indicative range, raising $4.72 billion in the world's biggest technology float in four years.

The shares touched a low of HK$16.50 in opening deals on Monday.

Xiaomi's listing comes at a delicate time for Hong Kong's stock market, with the benchmark Hang Seng index falling 2.7