Investing.com - 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.
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 in the day.
Xiaomi’s shares last traded at HK9.64 by 1:48 AM ET (06:48 GMT), down 3.2%.
Following today’s drop, Xiaomi’s market capitalisation has fallen from $61 billion upon its Hong Kong IPO debut to about $30 billion, Bloomberg noted.