(Yicai Global) July 9 -- Xiaomi is poised to officially list on the Hong Kong Stock Exchange today. A successful listing will be a great success amid the capital market’s recent ups and downs, the firm’s founder and chairman Lei Jun said in an open letter he issued to all employees yesterday.
Xiaomi has fixed an issue price of HKD17 (USD2.15) with a corporate valuation of USD54.3 billion, which is the lower limit of its roadshow and book-building. It is still amongst the top three initial public offerings of global technology stocks in history, as well as the first innovative pilot for ‘weighted voting rights’ in Hong Kong's capital market, Lei stressed.
Magnates of the ilk of Li Ka-shing, Jack Ma, and Pony Ma have all subscribed for Xiaomi’s stocks. “This indicates their great trust in our management and workforce. Our earliest VC -- the first USD5 million investment, is reaping 866-fold returns today,” Lei said in the letter.
A review of the past eight years of entrepreneurial progress shows the following highlights: China’s knockoff cellphones have been eliminated, with Xiaomi’s participation and promotion, and Chinese smartphones have become ever cheaper and taking the world by storm, while Xiaomi has become the world's fourth-largest smartphone maker, Lei said.
This is just the beginning, however, he noted. “Getting listed has never been our goal. We strive for a higher aim than just the listing plan. We are initiating the IPO for a better future,” Lei said.
Editor: Ben Armour