Xiaomi opts Hong Kong to sell its shares giving the city world’s biggest initial public offering (IPO) of 2018 and the pole position in a race with New York and Shanghai to be the global capital for raising funds. Xiaomi has submitted the IPO application to the Hong Kong Exchanges & Clearing Limited under new listing regulations for technology start-ups. While the application lacks financial terms, bankers familiar with the plan said that Xiaomi is seeking to raise US$10 billion, this in a sale that values the eight-year-old firm at US$100 billion. At US$10 billion raising, Xiaomi’s IPO would also be the 15th biggest of all time or the fourth-largest in Hong Kong. Xiaomi's listing is an early justification for Hong Kong’s securities regulator and exchange operator, which when put together makes through the biggest reforms in the city’s listing regulations in decades. On the other hand, Hong Kong, which was overtaken by Shanghai last year for the first time in the global IPO stakes, is now anxious to reclaim the top position in order to sustain jobs in the financial industry and maintain revenue from stock listings. Back in 2014, Alibaba picked New York over Hong Kong for it's US$25 billion, which still holds the record as ...
Thursday, 3 May 2018
Xiaomi files for an IPO in Hong Kong; seeks to raise at least $10 Billion at $100B valuation
Xiaomi opts Hong Kong to sell its shares giving the city world’s biggest initial public offering (IPO) of 2018 and the pole position in a race with New York and Shanghai to be the global capital for raising funds. Xiaomi has submitted the IPO application to the Hong Kong Exchanges & Clearing Limited under new listing regulations for technology start-ups. While the application lacks financial terms, bankers familiar with the plan said that Xiaomi is seeking to raise US$10 billion, this in a sale that values the eight-year-old firm at US$100 billion. At US$10 billion raising, Xiaomi’s IPO would also be the 15th biggest of all time or the fourth-largest in Hong Kong. Xiaomi's listing is an early justification for Hong Kong’s securities regulator and exchange operator, which when put together makes through the biggest reforms in the city’s listing regulations in decades. On the other hand, Hong Kong, which was overtaken by Shanghai last year for the first time in the global IPO stakes, is now anxious to reclaim the top position in order to sustain jobs in the financial industry and maintain revenue from stock listings. Back in 2014, Alibaba picked New York over Hong Kong for it's US$25 billion, which still holds the record as ...
