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　　Shares of Chinese smartphone maker Xiaomi Corp., which raised US$4.7 billion in one of Hong Kong’s largest tech initial public offerings in recent years, fell on their debut Monday as the broader market rose.

　　中国智能手机生产商小米集团(Xiaomi Corp.)周一在香港上市首日逆市下跌。此前小米通过首次公开募股(IPO)筹资47亿美元，成为近年来香港市场上最大科技IPO之一。

　　The lackluster start came after Xiaomi priced its IPO at the low end of an expected range, giving the company a valuation of $54 billion. If the shares perform poorly in the coming days and weeks, they could hurt the prospects of other tech companies who are preparing their own multi-billion-dollar listings in the city.

　　小米股票开局不利。之前，小米将IPO发行价定在指导区间的低端，估值约540亿美元。如果小米股票在未来几天、甚至几周表现不佳，可能会影响其他一些正酝酿数十亿美元香港IPO的科技公司的前景。

　　Xiaomi opened at Hongkong $16.60, 2.4% lower than its IPO price of Hongkong $17. Shares fell as low as HK$16 a share and were recently at HK$16.82. The broader Hang Seng Index rose 1.6%.

　　小米股票开盘报16.60港元，较IPO发行价17港元跌2.4%，盘中一度跌至16港元，最新报16.82港元。香港恒生指数上涨1.6%。

　　The stock that was made available to retail investors drew orders represented 9.5 times the shares offered, the company said Friday. That is far short of the oversubscription rates for other tech IPOs in Hong Kong. Orders for a separate block for foreign investors only slightly exceeded the amount offered.

　　小米上周五表示，IPO中面向散户投资者发售的部分获得9.5倍认购。这个数字远低于香港市场其他一些科技股IPO的认购倍数。面向外国投资者发售的部分只略微超购。

　　Xiaomi’s debut comes at a hard time for Chinese stocks as investor sentiment has been hurt by an escalating trade conflict with the U.S. Last month, Shanghai’s key index entered bear-market territory—meaning a 20% drop from its recent high—and Hong Kong’s benchmark is down more than 10% from a January peak.

　　眼下中国股市行情艰难，中美贸易冲突不断升级打击了投资者人气。上个月，上证综指较其近期高点下跌20%，进入熊市区域，香港恒生指数较其1月份触及的峰值下跌逾10%。