Xiaomi struggled in its debut on the Hong Kong stock market Monday morning, with its shares falling by nearly 6 percent.
As the Chinese phone manufacturer maker made its IPO, its shares were down more than 2 percent and fell by 5.88 percent during the session.
Its shares were priced at 17 Hong Kong dollars (about $2, £1 or AU$3), but hit a low of 16 HK dollars before bouncing back up to 16.88 HK dollars ahead of the midday break, according to Reuters.
Despite Xiaomi’s challenging debut, Reuters notes that Hang Seng — the Hong Kong stock market index — was 1.7 percent higher.
“I think short-term stock price is mostly dictated by market conditions. What we will be doing is to focus on the long-term growth of our business,” Lin Bin, Xiaomi’s president and co-founder, told CNBC on Monday.
Xiaomi’s IPO comes days after the US and China began a trade war that has seen each nation imposes billions in tariffs on the other.
Last week, it was reported that Xiaomi, despite its rivals’ struggle with political roadblocks.