China’s Xiaomi raises $4.72 billion after pricing HK IPO at bottom of range, say sources: Reuters
Summary
China’s Xiaomi Corp (1810.HK) priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising $4.72 billion in the world’s biggest tech float in four years, people close to the transaction said on Friday.As such, Xiaomi’s share sale is widely seen as a test of market sentiment for what is expected to be a packed second-half of the year for Hong Kong IPOs, with offerings including online food delivery-to-ticketing services platform Meituan Dianping.China Tower, the world’s largest mobile mast operator, has won approval for a Hong Kong IPO that could raise up to $10 billion.That makes the IPO the largest in the technology sector since Alibaba Group Holding Ltd (BABA.N) raised $25 billion in New York in 2014.Set up in 2010, Xiaomi doubled its smartphone shipments in 2017 to become the world’s fourth-largest maker, according to Counterpoint Research, defying a global slowdown in handset sales.