China Regulator Gets Xiaomi’s IPO Application: CSRC Website - FbiCables Network | The News that Shapes World Opinion

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Friday, June 08, 2018

China Regulator Gets Xiaomi’s IPO Application: CSRC Website


Man walks past a Xiaomi store in Shenyang
FILE PHOTO: A man walks past a Xiaomi store in Shenyang, Liaoning province, China April 7, 2018. Picture taken April 7, 2018. REUTERS/Stringer
June 8, 2018
(Reuters) – China’s securities regulator has received on June 7 application from smartphone and connected device maker Xiaomi for its initial share offering in China, a filing on the regulator’s website showed.
Xiaomi, which submitted its IPO prospectus in Hong Kong last month, is likely to be one of the first Chinese tech firms listed abroad to seek a secondary listing at home through new Chinese Depositary Receipts (CDRs).
Xiaomi plans to raise up to 30 percent of its targeted $10 billion offering by selling shares in mainland China and offer the rest in Hong Kong, according to people with knowledge of the matter.
The proposal is under regulatory review, the China Securities Regulatory Commission said on its website without offering further details including how much Xiaomi might raise through a mainland offering.

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