Robyn Mak joined Reuters Breakingviews in 2013. Previously, she was a Research Associate for the Global Policy Programs at the Asia Society in New York where she focused on US-Iran relations, US-Myanmar relations and sustainability issues in Asia. She has also worked as a researcher at the Carnegie Endowment for International Peace in Washington DC and interned at several consulting firms, including the Albright Stonebridge Group. She holds a masters degree in international economics and international relations from the Johns Hopkins School of Advanced International Studies and is a magna cum laude graduate of New York University.
The Chinese maker of affordable phones has scaled down its IPO with plans now to raise $6 bln. Much of the valuation hangs on internet services, which Xiaomi is starting to roll out in its top overseas market. Rivals in India are plentiful, though, and hungrier for content.
The handset-maker will now sell at least half of its mooted $10 bln offering in Shanghai. That is a blow to the other listing venue, Hong Kong, which changed its rules to woo more tech IPOs. The city will have to share a lot of this business with its two mainland rivals.
The Chinese telecoms company lost some $3 bln of market value after its reprieve from a U.S. death sentence. That suggests concerns about the clean management sweep. If, however, ZTE can find decent leadership and stay out of trouble – big ifs – a 5G rollout holds real promise.