Just three months ago, Xiaomi’s founder Lei Jun promised at a celebration banquet after the company’s IPO that “investors who bought Xiaomi stocks on the first day of the listing will make twice as much money.” These days, however, Xiaomi’s stocks are far from fulfilling that promise.

Since its mid-July peak, Xiaomi shares have fallen more than 40% while its market value has shrunk dramatically.

Shortly after its IPO on July 9, Xiaomi’s market capitalization briefly took over China’s e-commerce platform JD.com rising to HK$443 billion ($56.4 billion) on July 11 breaking into Hong Kong’s top 10 companies. Xiaomi’s current market cap currently stands at HK$288 billion.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.