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.
太多的籌備可能會搞砸一場派對。中國智能手機制造商小米(Xiaomi)的首次公開發行(IPO)本應獲得極高的估值，并成為境內資本市場的一個范例。然而，其在境內上市的計劃已被推遲，1000億美元的目標估值也已減半。這讓小米和中國證券監管機構都很尷尬。
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