Smartphone giant Xiaomi plans to make a dual listing in mainland China alongside its landmark $10 billion IPO later this year, sources told Reuters, helping the firm meet its targeted $70 billion valuation.
According to the sources, Xiaomi intends for about 30% of new funds raised to come from issuing the newly-available Chinese Depositary Receipts (CDRs) on the mainland’s stock exchanges. If this goes ahead, Xiaomi will be the first Chinese firm to trade the new securities.
The CDRs will complement the $10 billion expected from a Hong Kong IPO later this month, for which Xiaomi is currently awaiting approval from the city’s stock exchange. The debut is due to be the world’s largest in four years.