"In the critical time of a China-U.S. trade war and uncertainties looming over the capital markets, the active participation of investors in our shares subscription shows their confidence on Xiaomi", Lei wrote, counting corporate leaders such as Alibaba Group Holding Ltd.'s Jack Ma, Hong Kong tycoon Li Ka-shing as well as Tencent Holdings Ltd.'s Pony Ma among the investors.
After a sizzling 2017, Hong Kong's tech listings are now struggling.
Founded in 2010 by entrepreneur Lei Jun (雷軍), Xiaomi has grown from a start-up in Zhongguancun - China's "Silicon Valley" - to become the world's fourth-biggest smartphone vendor at the end of previous year, International Data Corp said.
"However, given the targeted high valuations of many new-economy IPO hopefuls and the number of IPOs going forward, it will be challenging for the market to digest all of them", Hong added.
The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, nearly half its original US$100 billion ambition earlier this year.
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.
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"I work for Xiaomi and I am here to attend the IPO ceremony".
At Monday's closing price the company had a market value of $53.3 billion.
Xiaomi's listing comes as investors fret over escalating trade tensions between the United States and China that have shaken markets over the past several weeks.
The company had also expected to split its listing with another offering on mainland China, but cancelled that.
Lei said without the innovation of the Hong Kong capital markets, it would be hard for Xiaomi to be listed in Hong Kong.
Xiaomi's lukewarm showing marks a blow for a smartphone maker with designs on expanding its global footprint and transforming from a low-margin hardware company into an Internet services player in the mold of Apple Inc. The deal was led by CLSA, Goldman Sachs and Morgan Stanley.