Chinese smartphone maker Xiaomi aims to raise up to 6.1 billion US dollars in its Hong Kong initial public offering (IPO) and start trading probably on July 9, with 2.18 billion shares to be sold at between 17 Hong Kong dollars and 22 Hong Kong dollars per share.
Seven cornerstone investors, including domestic telecom service provider China Mobile and US chipmaker Qualcomm, have signed up for about 10 percent of the total shares, worth 548 million US dollars based on the midpoint of the price range.
The company will open the book to institutional investors on Thursday and take orders from retail investors on Monday.
Xiaomi is the first listing under new Hong Kong exchange rules designed to attract tech floats.
The Beijing-based company has decided to go public in Hong Kong first and then “pick an opportunity” to issue China Depository Receipts (CDRs) in Shanghai.
China’s group buying platform Meituan-Dianping also plans to file for an IPO in Hong Kong later this week, according to people familiar with the matter.
