China regulator gets Xiaomi’s IPO application: CSRC website

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(Reuters) – China’s securities regulator has acquired on June 7 utility from smartphone and related gadget maker Xiaomi for its preliminary share providing in China, a submitting on the regulator’s web site confirmed.

FILE PHOTO: A person walks previous a Xiaomi retailer in Shenyang, Liaoning province, China April 7, 2018. Image taken April 7, 2018. REUTERS/Stringer

Xiaomi, which submitted its IPO prospectus in Hong Kong final month, is prone to be one of many first Chinese language tech corporations listed overseas to hunt a secondary itemizing at residence by way of new Chinese language Depositary Receipts (CDRs).

Xiaomi plans to lift as much as 30 p.c of its focused $10 billion providing by promoting shares in mainland China and provide the remainder in Hong Kong, based on individuals with data of the matter.

The proposal is underneath regulatory overview, the China Securities Regulatory Fee stated on its web site with out providing additional particulars together with how a lot Xiaomi may increase by way of a mainland providing.

Reporting by Hong Kong newsroom; Modifying by Gopakumar Warrier

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