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Investing.com - Shares in Hong Kong-listed smartphone maker Xiaomi Corp (HK:1810) slid more than 3% on Wednesday in Asia after Bloomberg reported that an unnamed investor had sold 231 million of the company’s Class B shares.
Citing people with knowledge of the matter, Bloomberg said the shares were sold at HK$9.45 apiece, which was a 5.1% discount to Tuesday’s close. That's around 45% lower than the price at which the shares first listed in Hong Kong last year.
Xiaomi’s shares last traded at HK9.64 by 1:48 AM ET (06:48 GMT), down 3.2% on the day.
Other smartphone component suppliers also took a beating on Wednesday. Q Technology, a smartphone camera module maker that supplies Xiaomi, slumped as much as 6.7% earlier.
Following today’s drop, Xiaomi’s market capitalisation has fallen from $61 billion at the time of its IPO last July to about $30 billion, Bloomberg noted.
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