China's Xiaomi, once dubbed the "Apple of China," is in the middle of a months-long rout and facing familiar headwinds in the global smartphone market.
The stock has shed 25 percent this year, plummeting to all-time lows and trading below 10 Hong Kong dollars. The company's market cap now hovers around HK$240 billion ($30 billion).
Xiaomi, founded in 2010 in Beijing, rose to impressive market share among global competitors such as Huawei, Samsung and Apple. It markets high-quality devices at comparatively lower prices and has more recently diversified its business to include other connected devices and services revenue.
The company went public on Hong Kong exchanges in July at an implied valuation of US$54 billion, but now trades more than 50 percent below all-time highs. The stock has posted only one month of gains since debuting.
Many of Xiaomi's challenges will sound familiar.