Xiaomi raised about $5.5 billion in an upsized share sale, as the Chinese tech firm capitalizes on a surge in its stock price to help raise funds to expand its electric-vehicle business.
The offering, which comes weeks after EV giant BYD's $5.6 billion fundraising, builds on what’s shaping up to be a bumper year for share sales in Hong Kong. After several years of declines, the city’s benchmark stock index is among the world’s best performers this year, fueling optimism for a rebound in deals in the Asian financial hub.
Beijing-based Xiaomi placed 800 million shares at HK$53.25 each ($6.85), or 6.6% below Monday’s close. The stock fell as much as 6.6% on Tuesday.
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