Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Baidu Juices Up Intelligent Driving Tie-Up With BlackBerry
India Permanently Rolls Back Welcome Matt on TikTok, WeChat and Other Chinese Apps
Will Faraday and Geely Team Up in a Possible Replication of Baidu and Foxconn Manufacturing Partnerships?
Chinese Edtech Startup Huohua Siwei Secures $400 Million in Series E Funding Round
Trending in China: Man Fired for Skipping Work to Mourn Father Gets Billion Views
Impressive New York Trading Debut for Chinese E-Cigarette Maker RLX But Challenges Lie Ahead
Self-Driving Tech Startup Uisee Closes $155 Million Funding Round
Trending in China: Gold Mining Rescue Lights Up Weibo
China Evergrande’s NEV Unit Brings Six Investors On Board to Raise $3.4 Billion
Taiwan’s MediaTek Surpasses Qualcomm as China’s Smartphone Chip Supplier of Choice as U.S. Sanctions Bite
Tencent-Backed Esports Startup VSPN Closes $60 Million Funding
Trending in China: Foreign Medical Students Volunteer for Battle Against Virus in Freezing Northeast
Chinese Telcos Look for More Sympathy Under Biden Administration
Gojek, Tokopedia Explore Holding Company Structure as Merger Talks Move Forward
Carmaker BYD to Raise $3.9 Billion Through New Share Sale
Trending in China: Beijing Skating Now On Ice As Covid Restrictions Imposed
Alibaba’s Jack Ma Reemerges After Long Absence
Chinese Mainland Speeds Up Chip Equipment Buying from ASML
Chinese Edtech Startup Erwan Nets Nearly $100 Million in Series D, E Funding Rounds
Matrix Partners China Raises $1.2 Billion for Flagship Venture Fund
Xiaomi Raises Nearly $4 Billion Through Sale of Shares and Bonds

Ding Yi / Dec 02, 2020 06:53 PM / Business & Tech

Chinese smartphone maker Xiaomi raised $3.91 billion in a combined sale of new shares and convertible bonds in the largest top-up placement in Hong Kong to date, Reuters reported Tuesday, citing a term sheet.

Xiaomi secured $3.06 billion by selling 1 billion shares priced at HK$23.70 ($3.06) each, the lower end of a price range previously flagged by the Beijing-based company, Reuters said. That price represented a 9.4% discount on Xiaomi’s closing price of HK$26.15 Tuesday.

The remaining $855 million was raised through the sale of convertible bonds, Reuters added.

The fundraising comes as industry observers have predicted that Xiaomi might raise its phone production target to fill the space previously occupied by Huawei, whose global smartphone market share is expected to fall sharply due to a crippling U.S. campaign that limits supplies of handset chips made with American technology to the Shenzhen-based tech giant.

Apart from consolidating its established position in the smartphone market, Xiaomi is also pumping cash into other high-tech sectors such as artificial intelligence (AI) and the Internet of Things (IoT).

Last month, Xiaomi agreed to invest in Chinese home improvement firm Dongyi Risheng in a renewed effort to push into smart home systems powered by IoT-connected home products.

In January, Xiaomi’s chairman and CEO Lei Jun announced plans to invest at least 50 billion yuan in 5G, AI and IoT over the next five years.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Facing U.S. Sanctions, Huawei May See Global Smartphone Share Slump to 4% in 2021

 


Share this article
Open WeChat and scan the QR code