Xiaomi raises US$5.5 billion in share sale for business expansion

[SYDNEY] China’s Xiaomi Corp said on Tuesday it had raised US$5.5 billion in an upsized share sale that will help fund the acceleration of its expansion plans.

The company sold 800 million shares at HK$53.25 each, the company said in its statement to the Hong Kong Stock Exchange.

Xiaomi, the world’s third-largest smartphone maker which moved into electric vehicle manufacturing last year, had planned to sell 750 million shares but increased the size of the deal while the bookbuilding process was underway.

The final price was towards the bottom end of the HK$52.80 to HK$54.60 price range flagged to investors when the deal launched on Monday.

The price was a 6.6 per cent discount to Xiaomi’s closing price of HK$57 on Monday. REUTERS