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BUSINESS & TECH

Update: Xiaomi Files to Issue China Depositary Receipts

The initial pricing could value Xiaomi at $70 billion to $80 billion, source says. Photo: VCG
The initial pricing could value Xiaomi at $70 billion to $80 billion, source says. Photo: VCG

Chinese smartphone-maker Xiaomi Inc. became the first tech giant to apply to issue Chinese depositary receipts (CDRs) in a public listing that will complement its upcoming initial public offering (IPO) on the Hong Kong Stock Exchange.

The China Securities Regulatory Commission (CSRC) website indicated that it had accepted Xiaomi’s application on Thursday, the same day it was filed. The online statement said Xiaomi’s proposal is now under review and provided no further details on how much the mainland offering might raise.

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