Deals
China's 84 Questions for Xiaomi Show Hurdles for Tech IPOs
- Regulators in China said to insist on meeting local rules
- Authorities want tech giants to list on domestic exchanges
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The collapse of Xiaomi Corp.’s plan to sell stock in mainland China is an example of Beijing’s ambition getting ahead of its reality.
Intransigent regulators, lack of clarity from the central government and a company sticking by its own deadline combined to scuttle the first attempt to sell Chinese depositary receipts, according to people familiar with what happened. That forced Xiaomi to nearly halve what it would raise and has thrown into doubt what was expected to be a conga line of other Chinese tech giants joining exchanges in Shanghai and Shenzhen.