Cheers and Fears of China’s Tech Listing Boom

A new wave of Chinese tech companies are planning forays into public markets to raise billions of dollars through initial public offerings. But some of them may face a bumpy ride amid volatile markets and escalating trade tensions.

Smartphone maker Xiaomi Corp., whose shares will debut in Hong Kong trading Monday, is one of the most-watched tech IPOs since the 2014 flotation of Alibaba Group Holding Ltd. Xiaomi raised $4.7 billion through the issuance of 2.2 billion shares, but the pricing was 23% lower than projected.