Xiaomi plans to be first Chinese company to list on mainland markets
The smartphone company will list at home and in Hong Kong simultaneously in a trial programme that the government hopes will boost China’s young markets
Shanghai — Smartphone maker Xiaomi on Monday became the first Chinese company to announce plans to issue securities on mainland China markets under a trial programme aimed at encouraging the country’s tech giants to list at home. Xiaomi, one of the world’s largest smartphone manufacturers that is planning a primary listing in Hong Kong, said in a regulatory filing that it would also issue Chinese depositary receipts (CDRs) on the Shanghai Stock Exchange. After watching technology heavyweights Alibaba and Baidu list on Wall Street, Chinese authorities have devised a programme under which companies listed outside the country can simultaneously list CDRs at home. The objectives of the plan include helping to develop China’s still relatively immature and volatile share markets while allowing domestic investors to invest in the country’s big tech champions. The China Securities Regulatory Commission (CSRC) finalised the rules governing the trial programme last week but it remains unknown...
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