HONG KONG (AP) — Chinese smartphone maker Xiaomi Corp. shares have slipped in its first trading day in Hong Kong following a multibillion-dollar initial public offering.

Trading on Monday opened at 16.60 Hong Kong dollars ($2.11) per share, below Xiaomi's offering price of 17 Hong Kong dollars ($2.17). Its shares lost about 4 percent in early trading but recovered most of that later in the morning.

Xiaomi helped to pioneer the trend for ultra-low-priced smartphones and says it plans to become an equipment-and-hardware brand alongside Apple Inc. The 8-year-old company has yet to give details of how that business model will work outside China.