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Xiaomi and the Chinese delusion

The company misjudged the market. Beijing risks misreading the global tech trade war

| China
Xiaomi's dissapointing initial public offering may be a harbinger of difficulties facing China's technological ambitions under President Xi Jinping.   © Reuters

As Xiaomi stumbled this week, China's great smartphone hope generated a bull market in scapegoating.

Investors are unconvinced by CEO Lei Jun's internet strategy, some complain. Others say the initial public offering price was set too high. Concerns about slowing mainland growth also made for bad timing. Lei's real sin? Poor situational awareness.

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