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Home / Business / China's Xiaomi prices HK IPO at the bottom of the range, increased $ 4.72 billion: sources

China's Xiaomi prices HK IPO at the bottom of the range, increased $ 4.72 billion: sources



HONG KONG (Reuters / IFR) – China's Xiaomi Corp. ( 1810.HK ) praised its IPO in Hong Kong at the bottom of a $ 4.72 billion range of tech float in four years, said Friday close persons.

FILE PHOTO: Xiaomi logos are seen during a press conference in Hong Kong, China, on June 23, 201
8. REUTERS / Bobby Yip / File Photo

Xiaomi praised his stock offering at HK $ 17 per share ($ 2.17) from a price range of HK $ 17 to HK $ 22, people said. It sells about 2.18 billion shares, one of the people said, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd ( BABA.N ) raised $ 25 billion in New York in 2014. [19659004] Xiaomi declined to comment on the IPO prizes. People did not want to be identified because the information was not public.

Pricing comes at a difficult time for the Hong Kong stock market, with the Hang Seng benchmark index plummeting 6.5% this month and 4.8% this year as tensions between governments hit the market US and China escalate.

Xiaomi IPO Brochures will be featured at a press conference in Hong Kong, China, on June 23, 2018. REUTERS / Bobby Yip

Stock market sales are generally expected to test market sentiment for what is expected to be a packed second half of IPO in Hong Kong, including offers from China Tower, the world's largest mobile phone operator, and Meitanan Dianping, one massive online platform for the delivery of food to ticketing.

Several Chinese IPO candidates who set out in Hong Kong and New York may face cautious investors when tensions between the two largest economies persist and the fund-raising lags behind a stellar first half.

China Tower has been approved in Hong Kong for an IPO that could bring in up to $ 10 billion. The timing of the listing, however, will depend on how well Xiaomi's deal has been received, Reuters said.

Xiaomi's initial public offering will add $ 6 billion to 2018 in Hong Kong and is expected to be the first of the city's new exchange rules allowing dual-class stocks in the tech industry to To attract floats.

The company hired $ 548 million from seven cornerstone investors for its stock sale, including US chip maker Qualcomm Inc. ( QCOM.O ) and telecommunications service provider China Mobile Ltd ( 0941). HK ).

Xiaomi, founded in 2010, doubled its smartphone shipments in 2017 and became the world's fourth largest manufacturer, according to Counterpoint Research. It also makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers.

Xiaomi had expected to raise up to $ 10 billion between Hong Kong and mainland China, but last week he put the mainland supply on hold until it was listed in Hong Kong.

The decision was mainly based on a dispute between Xiaomi and Chinese regulators regarding the company's China Depositary Receipts (CDRs) valuation, Reuters said.

Xiaomi said last week that there would be no such dispute. But it also said that there is no time frame for the CDR issue, raising doubts about the government's efforts to bring foreign listed Chinese technology giants home.

Beijing-based Cayman-based Xiaomi is set to begin trading in Hong Kong on July 9.

Reporting by Fiona Lau of IFR and Julie Zhu, Editor: Christopher Cushing


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