HONG KONG—One of the largest initial public offerings by a technology company in years closed with little fanfare Friday, and the shares fell in “gray-market” trading—an ominous sign for the official trading debut next week.
Chinese smartphone maker Xiaomi Corp. said the portion of its $4.7 billion IPO made available to retail investors drew orders representing 9.5 times the shares offered—far short of the oversubscription rates of some other Hong Kong tech IPOs in Hong Kong over the past year.
...