{"id":72379,"date":"2018-06-25T06:13:11","date_gmt":"2018-06-25T04:13:11","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/xiaomi-corporation-announces-proposed-listing-on-the-main-board-of-the-stock-exchange-of-hong-kong\/"},"modified":"2018-06-25T06:13:11","modified_gmt":"2018-06-25T04:13:11","slug":"xiaomi-corporation-announces-proposed-listing-on-the-main-board-of-the-stock-exchange-of-hong-kong","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/xiaomi-corporation-announces-proposed-listing-on-the-main-board-of-the-stock-exchange-of-hong-kong\/","title":{"rendered":"Xiaomi Corporation Announces Proposed Listing on the Main Board of The Stock Exchange of Hong Kong"},"content":{"rendered":"<p>A total of 2,179,585,000 shares (subject to the Over-allotment Option) (the \u201cOffer Shares\u201d) are being offered<br \/>\nunder the Global Offering, comprising an international offering of 2,070,605,000 Offer Shares (subject to<br \/>\nreallocation and the Over-allotment Option) (the \u201cInternational Offering\u201d) and a Hong Kong Public Offering of<br \/>\n108,980,000 Offer Shares (subject to reallocation) (the \u201cHong Kong Public Offering\u201d), representing<br \/>\napproximately 95% and 5% of the total number of the Offer Shares, respectively.<\/p>\n<blockquote><p>The offer price (the \u201cOffer Price\u201d) is currently expected to be between HK$17 and HK$22 per Offer Share.<\/p><\/blockquote>\n<p>The Option Grantors and the Company expect to grant to the International Underwriters, exercisable by the<br \/>\nJoint Representatives (on behalf of the International Underwriters), the Overallotment Option, which will be<br \/>\nexercisable from the date of the International Underwriting Agreement until 30 days after the last day for the<br \/>\nlodging of applications under the Hong Kong Public Offering, to sell up to 125,451,000 Class B Shares by the<br \/>\nOption Grantors or issue up to 201,486,000 New Class B Shares by the Company, representing approximately<br \/>\n15% of the initial Offer Shares, at the same price per Offer Share under the International Offering, to, among<br \/>\nother things, cover over-allocations in the International Offering, if any.<\/p>\n<p>Goldman Sachs, Morgan Stanley and CLSA are joint sponsors, joint global coordinators, joint bookrunners and joint lead managers of the Global Offering. <\/p>\n<p><strong>Intended Use of Proceeds<\/strong><\/p>\n<p>Assuming an Offer Price of HK$19.50, the mid-point of the Offer Price range, and assuming the Over-allotment<br \/>\noption is not exercised, the net proceeds from the Global Offering are estimated to be approximately<br \/>\nHK$27,560.9 million after deducting underwriting fees and commissions and estimated expenses relating to<br \/>\nthe Global Offering.<\/p>\n<p>The Company intends to use the proceeds from this offering for the following purposes:<\/p>\n<ul>\n<li> Approximately 30% for research and development as well as other efforts to develop the Company\u2019s core<br \/>\nin-house products, including smartphones, smart TVs, laptops, AI speakers and smart routers;<\/li>\n<li> Approximately 30% for investments to expand and strengthen the Company\u2019s ecosystem primarily in the<br \/>\nfields of IoT and lifestyle products and mobile internet services, including AI;<\/li>\n<li> Approximately 30% for global expansion, including but not limited to hiring local teams across business<br \/>\nfunctions and investing in its retail partners; and<\/li>\n<li> Approximately 10% for working capital and general corporate purposes.<\/li>\n<\/ul>\n<p><strong>Weighted Voting Rights (\u201cWVR\u201d) Structure<\/strong><\/p>\n<p>The Company will have a weighted voting rightsstructure, effective immediately upon completion of the Global<br \/>\nOffering. Under this structure, the Company\u2019s share capital will comprise Class A Shares and Class B Shares.<\/p>\n<p>Each Class A Share will entitle the holder thereof to exercise 10 votes, and each Class B Share will entitle the<br \/>\nholder thereof to exercise one vote. The Company\u2019s WVR structure will enable the Company to benefit from<br \/>\nthe continuing vision and leadership of the WVR Beneficiaries, who will control the Company with a view to its<br \/>\nlong-term prospects and strategy.<\/p>\n<p>Lei Jun, executive director, Founder, Chairman and Chief Executive Officer of Xiaomi said, <em>\u201cToday we present<br \/>\nourselves to you as we prepare to enter a new stage in our journey.<\/p>\n<p>\u201cWe are an innovation-driven internet company committed to the principle of \u2018amazing products at honest<br \/>\npricing\u2019. Leveraging our unique \u201ctriathlon\u201d business model, we maintain excellent design and outstanding<br \/>\nquality in our products, while pricing our products as close as possible to cost by selling them to users through<br \/>\nhighly efficient online and offline new retail channels. We then provide our users with a range of comprehensive<br \/>\nand engaging internet services.<\/p>\n<p>\u201cXiaomi\u2019s achievements so far illustrate the strength and resilience of our model. Within seven years of our<br \/>\nfounding, our annual revenue exceeded RMB100 billion, achieving a growth rate that many traditional<br \/>\ncompanies are unable to match.<\/p>\n<p>\u201cWe believe that the potential of our global business is limited only by our imagination. With our unique<br \/>\necosystem model, we have mobilized many like-minded entrepreneurs, and we are not only changing industries<br \/>\nin China, but also elsewhere in the world.<\/p>\n<p>\u201cFundamentally, the Internet is all about transparency, efficiency, and equality. We want to allow everyone to<br \/>\nenjoy the benefits of technology. That is the goal that all Xiaomi employees and I are working tirelessly for.\u201d<\/em><\/p>\n<p><strong>Overview of Xiaomi<\/strong><\/p>\n<p>Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.<br \/>\nXiaomi delivers its amazing products at honest prices to users through its highly efficient new retail channels,<br \/>\nand then provides its users with comprehensive internet services. With these internet services, the Company<br \/>\nis able to closely engage and interact with users on its platform, thus increasing user stickiness and<br \/>\nmonetization opportunities.<\/p>\n<p>Xiaomi was founded in 2010 by a group of accomplished engineers and designers, under the leadership of Lei<br \/>\nJun, who believed that high-quality and well-designed technology products and services should be accessible<br \/>\nto the world. The Company is built on a relentless pursuit of innovation and an unwavering focus on quality<br \/>\nand efficiency.<\/p>\n<p><strong>Public Offer Timeline<\/strong><\/p>\n<p>The Hong Kong Public Offering is expected to commence at 9:00 am on 25 June 2018 and is expected to close<br \/>\nat 12:00 noon on 28 June 2018. Allotment results and the Offer Price are expected to be announced or made<br \/>\navailable on 6 July 2018. Dealings in the Shares on the Main Board of the Stock Exchange are expected to<br \/>\ncommence on 9 July 2018, under the stock code 1810.<\/p>\n<p>White Application Forms and Prospectuses of the Company can be obtained from designated branches of the<br \/>\nReceiving Banks, Bank of China (Hong Kong) Limited, Wing Lung Bank Limited, Standard Chartered Bank (Hong<br \/>\nKong) Limited, and Hang Seng Bank Limited, and offices of the Joint Global Coordinators. Applicants can submit<br \/>\napplications using the White Application Form or online via the designated website of the White Form eIPO<br \/>\nservice provider at www.eipo.com.hk. Applicants who would like the Hong Kong Public Offer Shares to be<br \/>\ndeposited directly into CCASS can also use the Yellow Application Forms or give electronic application<br \/>\ninstructions to Hong Kong Securities Clearing Company Limited via CCASS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Xiaomi Corporation (\u201cXiaomi\u201d or \u201cthe Company\u201d, stock code: 1810) today<br \/>\nannounced details of its global offering (the \u201cGlobal Offering\u201d) and its proposed listing on the Main Board of<br \/>\nThe Stock Exchange of Hong Kong Limited.<\/p>\n","protected":false},"author":20,"featured_media":72377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1671,1651,1437,2103,2035],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/72379"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=72379"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/72379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/72377"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=72379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=72379"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=72379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}