July 16, 2018 / 1:54 AM / 3 months ago

China's Xiaomi slides after mainland rules it out of stock connect scheme

HONG KONG, July 16 (Reuters) - Shares of Chinese smartphone maker Xiaomi Corp slumped as much as 10 percent on Monday after China’s stock exchanges effectively ruled it out of inclusion in a stock connect scheme that links the mainland and Hong Kong exchanges.

China’s stock exchanges said on Saturday they would not expand their stock connect scheme with Hong Kong to foreign firms, companies with different voting right structures and so-called “stapled” securities.

Shares of Xiaomi fell as much as 10 percent to HK$19.40, a week after it made a lacklustre debut on the Hong Kong stock exchange. (Reporting By Anne Marie Roantree and Donny Kwok; Editing by Muralikumar Anantharaman)

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