Xiaomi Silent On Valuation, CDRs Ahead Of Hong Kong IPO

Smartphone-maker Xiaomi Corp. is treading carefully ahead of its blockbuster initial public offering in Hong Kong next month, remaining mum on its expected valuation and stressing it will wait until after that listing before considering a sensitive mainland stock sales plan.

Lei Jun, the company’s charismatic founder and chief executive, seemed taken aback when asked several times at a company media event in the city on Saturday about the company’s future plan to issue Chinese depositary receipts (CDRs). Instead, Lei was keen to emphasize Xiaomi’s growing internet-related sales in addition to its well-established smartphone business.