China’s Xiaomi raises $4.72 billion in Hong Kong listing

Chinese electronics company Xiaomi priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising $4.72 billion in the world’s biggest tech float in four years.

Xiaomi priced its share offering at $17 Hong Kong dollar per share ($2.17), the bottom of a price range of $17 Hong Kong dollar to $22 Hong Kong dollar. It is selling about 2.18 billion shares, making the IPO the largest in the technology sector since Alibaba Group Holding raised $25 billion in New York in 2014.

The company’s IPO adds to the $6 billion of new listings so far in 2018 in Hong Kong and is set to be the first under the city’s new exchange rules permitting dual-class shares common in the tech industry in an attempt to attract tech floats.

Beijing-based, Cayman-domiciled Xiaomi is due to start trading in Hong Kong on July 9.