On July 9, 2018, Xiaomi Corporation went public amid the worst conditions possible: 1) the U.S. and China had waded into a trade war, 2) uncertainty was spreading like wildfire, and 3) the Hang Seng Index was starting to look like a disaster zone.
Given this onslaught of bad news, it's no surprise that the Xiaomi stock price crashed 5.88% during its first trading session. However, those shares turned on a dime the next morning, surging by up to 14%.
Personally, I think the mood swings stem from a lack of narrative. Investors.
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