Shares lost about 4 percent in early trading but rebounded to 17 Hong Kong dollars ($2.17) at midday.
After its first day on the market, Xiaomi ended up raising $3.05 billion Dollars.
Xiaomi's IPO began on Monday in Hong Kong to a fairly slow start, with trade slipping more than 2%, sometimes dropping by 5.88%.
The listing came, however, as escalating trade tensions between the United States and China have shaken markets over the past several weeks. That is far short of the oversubscription rates for other tech IPOs in Hong Kong. The main Hong Kong stock market index ended 1.3 percent higher.
"We are different from many of our peers", said Liao, shrugging off concerns a bearish sentiment towards technology stocks could weigh on WeDoctor's performance in Hong Kong.
The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, nearly half its original US$100 billion ambition earlier this year.
Typically companies are valued on a multiple of profits or sales.
The company, which makes phones to rival Apple's iPhone, had hoped to hit a valuation of $100bn in the float, but is now valued at around $53bn.
Mo Jia, a Shanghai-based analyst with industry consultancy Canalys, said the weak debut was to be expected. "Xiaomi's self-positioning as an internet company also needs some convincing", he added. The company pitches itself as going beyond devices to offer internet services, such as video streaming, although it has yet to see significant revenue in the services category.
"From day one, we've set up a dual-class share structure". The deal was led by CLSA, Goldman Sachs and Morgan Stanley.
Xiaomi is the biggest smartphone seller in India and is making inroads in Europe.