Chinese smartphone maker Xiaomi’s shares tumbled in Hong Kong on Monday, reversing four consecutive days of advances, as the company finds itself caught in the middle of a turf battle between the city’s bourse with mainland equity exchanges as Asia’s hub for technology companies to raise funds.
The Shanghai and Shenzhen exchanges caught investors and exchange officials off guard at the weekend when they said they would not allow mainland investors to buy shares in Hong Kong-listed foreign firms, companies with different voting right structures or so-called “stapled” securities.
Hong Kong’s exchange described as . . .
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