SMARTPHONES
Xiaomi aims to raise $6.1bn in Hong Kong IPO
Hong Kong — Xiaomi has set tentative terms for the world’s biggest initial public offering in nearly two years, aiming to raise as much as $6.1bn in Hong Kong, people familiar with the matter said. The Chinese smartphone maker and existing investors plan to offer 2.18-billion shares at between HK$17 ($2.17) and HK$22 apiece, according to the people, who asked not to be identified because the information is private. China Mobile, the nation’s biggest wireless carrier, and US wireless-chip giant Qualcomm are among companies in talks to become cornerstone investors, the people said. Beijing-based Xiaomi aims to start taking orders from institutional investors as soon as Thursday, the people said. Xiaomi, led by serial entrepreneur Lei Jun, was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed its rules in April. The deal could become the world’s biggest first-time share sale since September 2016, when Postal Savings Bank of Ch...
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