Xiaomi's weak debut suggests problems for upcoming tech IPOs in Hong Kong.

(Reuters) - Xiaomi Corp. (1810.HKThe Chinese smartphone maker had a weak debut on the Hong Kong stock exchange on Monday, with shares falling 6 percent due to valuation concerns, a negative sign for its tech peers planning to list in Hong Kong.

The calendar of initial public offerings (IPOs) in the coming months will include a $4 billion deal with the Meituan Dianping platform and an IPO of up to $10 billion from China Tower, the world's largest telecommunications tower operator.

“Given the high valuations of many new economy IPO candidates and the number of IPOs in the future, it will be a challenge for the market to digest them all,” said Hong Hao, chief strategist at brokerage firm BOCOM International. 

Xiaomi shares closed at HK$16,80, having hit a low of HK$16 earlier in the session, compared to the IPO price of HK$17 per share.

The main Hong Kong stock market index, the .HSI, closed 1,3 percent higher.

Xiaomi conducted its IPO at the lowest end of the offering range, in a $4,72 billion deal — the largest in the technology sector worldwide in nearly four years.

The listing, however, came at a time when escalating trade tensions between the United States and China have shaken markets in recent weeks. The dispute pushed Hong Kong's benchmark index to a nine-month low last week.