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BUSINESS & TECH

Xiaomi to Sell at Least Half Its IPO Via CDRs in Shanghai

Analysts at several investment banks valued Xiaomi between $70 billion and $94 billion ahead of the IPO. Photo: IC
Analysts at several investment banks valued Xiaomi between $70 billion and $94 billion ahead of the IPO. Photo: IC

Chinese smartphone maker Xiaomi Inc. said Thursday that at least half the shares in its planned initial public offering (IPO) will be sold through Chinese depositary receipts (CDRs) on the mainland market.

Xiaomi’s planned blockbuster IPO, which is expected to raise as much as $10 billion, will be the largest since the 2014 debut of e-commerce giant Alibaba Group Holding Ltd. The Xiaomi shares are to be split between Hong Kong and Shanghai.

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