China's Xiaomi to raise up to $5.27 billion from share sale

Reuters

Mon, Mar 24, 2025, 2:18 AM 2 min read

SYDNEY (Reuters) -Chinese smartphone and EV shaper Xiaomi Corp is raising up to $5.27 cardinal successful a top-up placement connected Monday, according to a word expanse seen by Reuters.

The shares are being sold successful a HK$52.80 to HK$54.60 terms range, the word expanse said.

The company, which began manufacturing electrical vehicles (EVs) past year, is selling 750 cardinal Class B shares and the terms scope represents a 4.2-7.4% discount to the company's HK$57 closing terms connected Monday.

The wealth raised is earmarked for concern expansion, concern successful probe and exertion improvement and wide firm purposes, the word expanse said.

Xiaomi did not respond instantly to a petition for comment.

EV shaper BYD this period raised $5.59 cardinal successful Hong Kong's largest stock merchantability successful 4 years.

Xiaomi reported past week an astir 50% leap successful fourth-quarter gross and raised its people for electrical conveyance deliveries this twelvemonth to 350,000 from 300,000.

The institution besides said it planned to grow its store web crossed China this twelvemonth and unfastened 10,000 caller Mi Home stores overseas successful the adjacent 5 years.

Xiaomi's top-up placement adds to a caller unreserved of Chinese firms' carrying retired equity superior marketplace deals successful the archetypal fewer months of 2025.

Total equity issuance from Chinese firms successful the archetypal 4th reached $16.8 billion, LSEG information showed, much than treble the magnitude seen a twelvemonth earlier.

Easing Chinese authorities scrutiny of exertion majors and the emergence of disruptive AI bundle developer DeepSeek person prompted planetary investors to statesman investing successful Chinese stocks again, bankers and advisors said.

Goldman Sachs, CICC and JPMorgan are managing Xiaomi's stock placement.

(Reporting by Kane Wu successful Hong Kong and Scott Murdoch successful Sydney; Additional reporting Selena Li;Editing by Louise Heavens, David Goodman and Susan Fenton)