(Yicai Global) July 9 -- Xiaomi slipped in trading today, the first anniversary of its market debut in Hong Kong, as the 12-month lock-up period on shares ended, allowing more investors in the Chinese smartphone maker to sell for the first time.

The stock [HKG:1810] slid 1.1 percent to close at HKD9.50 (USD1.22) after 4.4 billion Class B shares were unlocked, representing 18.25 percent of those outstanding. 

Hang Lung Properties Chairman Chan Chichung's Morningside Group Holdings holds 2.71 billion of the shares, while Xiaomi co-founders Liu De, Hong Feng and Li Wanqiang own 324 million, 674 million and 678 million, respectively.

Xiaomi's position as an internet company rather than a producer of consumer electronics has not been recognized by the capital market since it went public. The stock is down 45 percent on its initial public offering price of HKD17, the low end of the marketed range. The shares fell to their lowest level of HKD9 on June 4.

In an attempt to reflate its share price, the Beijing-based company kicked off a new round of stock repurchasing on June 3. It has carried out 19 buybacks, totaling HKD1 billion, in the month to July 3.