(Yicai Global) June 21 -- Xiaomi aims to raise up to USD6.1 billion in its upcoming Hong Kong initial public offering, according to an updated version of the smartphone maker's prospectus.
The Beijing-based firm will issues 70 billion Class-A shares (worth USD175,000) and 200 billion Class-B shares (worth USD500,000), totaling some USD675,000 in authorized capital stock, state-backed China News Services reported.
The dual-class shares will allow a different framework for voting rights. For any resolutions submitted at shareholder meetings, Class-A holders have ten votes for each stock, while Class-B shareholders only have one vote for each stock. In the case of resolutions related to limited reserved matters, each stock provides one vote only.
Xiaomi is expected to list on the Hong Kong bourse in the middle of next month with several financial institutions valuing the firm between USD75 billion and USD85 billion. There is a deal of uncertainty surrounding the valuation after the company postponed plans for a supplementary listing in Shanghai through a China depositary receipt offering, and the firm could even bring forward the HKEX IPO as a result.
Editor: William Clegg