A big build-up can ruin a good party. Chinese smartphone maker Xiaomi’s IPO was supposed to carry a sky-high valuation and act as a showcase for domestic capital markets. Instead, its mainland listing has been postponed and the targeted valuation of $100bn cut in half. The climbdown is embarrassing for both Xiaomi and the Chinese securities regulator.
太多的籌備可能會(huì)搞砸一場(chǎng)派對(duì)。中國(guó)智能手機(jī)制造商小米(Xiaomi)的首次公開(kāi)發(fā)行(IPO)本應(yīng)獲得極高的估值，并成為境內(nèi)資本市場(chǎng)的一個(gè)范例。然而，其在境內(nèi)上市的計(jì)劃已被推遲，1000億美元的目標(biāo)估值也已減半。這讓小米和中國(guó)證券監(jiān)管機(jī)構(gòu)都很尷尬。
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