Apple and Samsung may still be the top dogs in the smartphone market, but it seems an unlikely competitor is quickly catching up. Chinese smartphone maker Xiaomi launched its official IPO today in Hong Kong, and it’s settled in at roughly 16.80HK$ per share, which is about $2.14.
With a total valuation of roughly $50 billion, the company is right behind Samsung and Apple as the third most valuable public smartphone maker out there. Naturally, the stock market fluctuates pretty regularly, so it’s not clear how long Xiaomi will maintain their spot on the corporate ladder.
That said, Xiaomi’s devices are certainly nothing to scoff at. The company’s phones may not be quite as mainstream or powerful as Samsung or Apple’s counterparts, but they usually cost significantly less while retaining an impressive level of quality.
For a mere $400 as of writing, Xiaomi’s Mi Mix 2 offers an almost bezel-free experience with 6GB of RAM, a Snapdragon 835 processor, and a 6″ screen.
As interesting as it is to see Xiaomi’s IPO result in such a high valuation, there is an important bit of context to keep in mind here. Unlike Apple and Samsung, both of which have global presences, Xiaomi primarily sticks to Asian markets with their smartphones.
Indeed, if you wanted to pick up one of Xiaomi’s latest phones right now, you wouldn’t even be able to do so through the company’s official website; you’d have to rely on third-party websites like Amazon.