Economy, Sci & Tech

Xiaomi’s Hong Kong IPO

Xiaomi’s Hong Kong IPOXiaomi’s Hong Kong IPO

Xiaomi, one of the world’s leading smartphone makers, is hoping to raise more than $6 billion by selling shares for a stock market listing in Hong Kong next month. The Chinese tech firm announced the planned value of the listing Saturday. It is less than the $10 billion Xiaomi was reportedly hoping to achieve a few weeks ago, but would still make it the world’s biggest initial public offering (IPO) in nearly two years, CNN Money reported. “In the future, Xiaomi has huge potential for growth,” CEO Lei Jun said at a news conference in Hong Kong. “We’re a very rare company that can do hardware, e-commerce and internet services.” Xiaomi said it is aiming to sell almost 2.2 billion shares to global investors this week for between 17 and 22 Hong Kong dollars each ($2.20 to $2.80). James Paradise, an Asia-Pacific president at Goldman Sachs, which is one of the IPO’s sponsors, said Saturday that the range values Xiaomi between $54 billion and $70 billion. That is lower than the valuation of close to $100 billion the company was reportedly seeking earlier this year.

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