• Xiaomi says has no disagreement with Chinese regulator
• CFO says it decided better to list first in Hong Kong
• Xiaomi awarded CEO Lei Jun $1.5 billion worth of shares
• Executive says smartphone market will grow slowly

It is selling about 2.18 billion shares at a price range of HK$17 to HK$22 ($2.17 to $2.80) each, representing a multiple of 22.7–29.3 times 2019 earnings forecast by its underwriting syndicate.

The IPO values the Beijing-based, Cayman-domiciled company at $54.3 billion - $70.3 billion after a 15 percent "greenshoe" or over-allotment option which can be sold if there is demand. If the greenshoe is exercised, Xiaomi's free float will be 9.99 percent of its enlarged share capital.

The new valuation range is far below the $100 billion touted by sources this year and below the more recent $70 billion plus valuation target that some analysts and investors see as aggressive.

CEO Lei said he expected to expand its product range and international market presence. Xiaomi’s phones are sold in 74 countries.

"I agree the smartphone market in the next 10 years will grow slowly. But still, it is a giant market," Lei said.

Set up in 2010, the company doubled its smartphone shipments in 2017 to become the world's fourth-largest maker, according to Counterpoint Research, defying a global slowdown in smartphone sales.

Xiaomi also makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers.