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　　Xiaomi is kicking off the US leg of its global offering this week with drones in New York’s Central Park but its recent Hong Kong roadshow left some investors underwhelmed.

　　小米本周将启动在美国的上市路演，在纽约中央公园放飞无人机，但该公司最近在香港进行的路演未能让一些投资者信服。

　　“They want the market to think they are a combination of Apple and Tencent, but they are not,” said the head of the Hong Kong office of one leading New York investment group.

　　“他们希望市场认为他们是苹果和腾讯的结合，但他们不是，”纽约一家领先投资集团的香港办事处负责人表示。

　　The Chinese smartphone maker is looking to raise up to $6.1billion in its Hong Kong initial public offering but has endured a rocky ride to market.

　　这家中国智能手机制造商寻求通过在香港进行首次公开发行(IPO)筹集至多61亿美元，但其走向上市的道路充满坎坷。

　　It mothballed its planned china depositary receipts earlier this month and has also had to prune its ambitions for a $100 billion valuation. Last week’s pricing of shares at between HK$17 and HK$22 implied a market valuation of between $54 billion and $70 billion, or marginally higher if the overallotment option is exercised.

　　小米在本月早些时候搁置了发行中国存托凭证(CDR)的计划，而且不得不降低其希望达到1000亿美元估值的雄心。上周宣布的股票定价区间在17港元至22港元之间，意味着其市值将介于540亿美元至700亿美元之间;如果行使超额配售权，则估值还会略高一些。

　　“If they were comparing themselves to Apple, the valuation should be closer to $20 billion,” said one prominent Hong Kong-based venture capitalist.

　　“如果他们把自己比作苹果，估值应该更接近于200亿美元，”常驻香港的一位知名风险投资家表示。

　　However, Beijing-based Xiaomi and its advisers argued that it deserves a bigger multiple in recognition of its broader ecosystem.

　　然而，总部位于北京的小米及其顾问们辩称，该公司值得较高的估值，以体现其较为广泛的生态系统。

　　“We are primarily an internet company,” the offer prospectus stated. “By first selling a wide variety of smart hardware products, we have built a massive and proprietary platform for the delivery of our diverse internet services.”

　　“我们本质上是一家互联网公司，”招股说明书声称。“通过首先销售各种各样的智能硬件产品，我们建立了一个庞大的自有平台来提供丰富的互联网服务。”

　　Internet services accounted for 9.4 per cent of revenues in the first quarter while smartphones contributed 67.5 per cent.

　　互联网服务在第一季度占到营收的9.4%，而智能手机贡献了67.5%的营收。