Xiaomi shares tumble after late disclosure of nearly $4bn fundraising
Stock falls 12% in the biggest intraday loss since 2018 after Xiaomi returns to market but delays announcement
02 December 2020 - 17:21
Hong Kong — Xiaomi dropped the most ever in Hong Kong on Wednesday after China’s second-largest smartphone maker raised $4bn in the city’s biggest top-up placement on record.
The stock fell as much as 12% on Wednesday, the biggest intraday loss since its 2018 listing. Xiaomi’s shares were halted during the morning session after the company failed to disclose the placement in time for the open, surprising some market participants. Xiaomi eventually confirmed it had sold shares at HK$23.70 apiece — a 9.4% discount to its last close — in a filing released during the midday break...
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