The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Xiaomi Corp. has won Hong Kong stock exchange approval for its planned initial public offering, which would be the first listing in the city with weighted voting rights, people with knowledge of the matter said.
The smartphone maker passed its so-called listing hearing on June 07, said the people, who asked not to be identified because the information is private. Xiaomi plans to start gauging investor demand in the next few days, one of the people said.
Xiaomi is one of the most hotly anticipated Hong Kong deals in years. The company, led by serial entrepreneur Lei Jun, has been considering seeking about $10 billion from the IPO, people familiar with the matter have said. The offering could become the world’s largest first-time share sale since Alibaba Group Holding Ltd. listed in the US in 2014, data compiled by Bloomberg show.
Beijing-based Xiaomi was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed rules in April. It could also become the first firm to issue Chinese depositary receipts.