Welcome to the Tech Mem Ride Home for Monday, July 9th, 2018. I'm Brian McCullough.

Today, Jowme's IPO disappoints Apple Music Gaines on Spotify

Amazon's ad business could be a contender and why half the members of a popular

subreddit are getting banned here's what you miss today in the world of tech.

Chinese phonemaker, Shoume, had its IPO overnight, or yesterday,

depending on where you are in the world

when you listen to this.

And as feared, it was not exactly a blockbuster.

Shami's stock opened for trading down more than 2% and slipped nearly 6% during the trading session

before closing just below the original IPO price. If you'll recall, Show Me had to price its shares at the bottom of its expected

range. So although the company raised $4.7 billion, it had originally hoped to raise a lot more, in fact more than twice as much.

Chowme President and co-founder Lynn Bin told CNBC, quote,

I think short-term stock price is mostly dictated by market conditions.

What we will be doing is to focus on the long-term growth of our business, end quote. Analysts noted that Shomy's pricing was definitely aggressive.

As noted on a recent episode, Shomy has been trying to position itself as an internet company

while the stock market largely sees it as a maker of

smartphones.

Howe Hong, head of research at Bocom International, told CMBC, quote, the share was priced at a very high valuation

multiple substantially higher than its global peers even though show me

remained to be a very good story I think the market is at a stage where you have to prove yourself first before the market can give you a good valuation."

End quote.

Founder Lynn retorted that whether or not the market decided Show Me was simply a hardware maker was of

...