Xiaomi Confirms at Least Half of IPO to Be Sold in Shanghai
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Xiaomi Corp. said at least half of the stock in its planned initial public offering will be sold to mainland investors through Chinese depository receipts.
CDRs will account for at least 7 percent of the company’s share capital, the Beijing-based company said in a filing Thursday. The announcement confirms a Bloomberg News report on Monday. Xiaomi is planning to raise $10 billion from its IPO with the shares to be split between Hong Kong and Shanghai, people familiar with the matter have said.