Phone maker Xiaomi’s shares went down by almost 6% after debuting on the Hong Kong stock exchange, the BBC reports. The company was barely able to raise a little over half the amount it wanted from the IPO, and ended up getting $4.7 billion. This puts the company’s valuation at $54 billion. It’s not exactly the best time to debut on an Asian stock exchange either — the trade war between the US and China started last week, sending short-term investor confidence spiralling down.

TrackXiaomi’s listing on the Hong Kong stock exchange’s website

Around 70% of Xiaomi’s revenue comes from handset sales. It also makes money from TV sales, air purifiers, and other IoT products. Xiaomi’s IPO launch was seen as a milestone by Chinese tech peers who are also planning to go public. Tencent Music which is an American subsidiary of Tencent is set to start trading publicly on the Hong Kong Stock exchange. The BBC reported that Meituan Dianping, a ticketing and food delivery giant, is also set to offer shares to the public.

Xiaomi in India

India is Xiaomi’s second biggest market after China. The company has the largest share of the smartphone market in India in terms of devices shipped. It was the second-fastest growing smartphone brand in FY 2017–18, with sales growing by 134%, right behind Huawei’s Honor (which grew by 146%).

The company has just entered the payday lending scene in India, in partnership with KreditBee. It will sell short-term loans to lenders at a high annualized interest rate to users on its handsets.

ReadAfter getting into payday lending, Xiaomi widens user data scope