51 Credit Card, a Chinese online credit management company, raised HK$1bn ($127 million) from a Hong Kong IPO after pricing it at the bottom of an indicative price range, Thomson Reuters publication IFR reported on Monday.
"Other IPO candidates will rush to Hong Kong to list before the market sentiment shifts".
Beijing-based Xiaomi is the first firm in Hong Kong to trade with a controversial dual-class structure since listing rules were overhauled to allow weighted voting rights for different sets of shareholders.
Xiaomi's IPO comes days after the U.S. and China began a trade war that has seen each nation imposes billions in tariffs on the other. This has resulted in the Hong Kong stock market, Hang Seng, falling to a nine-month low. Before Monday, Hong Kong's benchmark index had fallen more than 10% from early June.
Despite being one of the most anticipated Chinese technology public offerings this year, the group saw a disappointing valuation of US$54 billion, well below its ambitious US$100 billion target.
The company, which makes phones to rival Apple's iPhone, had hoped to hit a valuation of $100bn in the float, but is now valued at around $53bn. The company pitches itself as going beyond devices to offer internet services, such as video streaming, although it has yet to see significant revenue in the services category.
Xiaomi's float was the first under the city's new rules allowing firms to weight voting rights in favor of company founders, as part of efforts to encourage more tech groups to choose Hong Kong over NY, its arch-rival.
Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.