China's Xiaomi ditches mainland share offering plan
Reuters
Published Aug 30, 2019 15:34
China's Xiaomi ditches mainland share offering plan
HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Corp (HK:1810) said on Friday it had scrapped a mainland share offering plan in order to focus on its business development.
The company filed an application for a public offering of China depositary receipts (CDRs) in mainland China on June 2018. Reuters reported that month that Xiaomi had decided to delay the offering until after its shares debuted in Hong Kong.
"Given that the Company is currently focusing on the business development and holds adequate capital, it has decided to terminate the proposed CDR offering," Xiaomi said in a filing to the Hong Kong stock exchange.
Chinese authorities announced plans in early 2018 to allow CDRs as a means of letting overseas-listed companies sell shares at home, also part of efforts to lure back foreign-listed Chinese tech giants such as Alibaba (N:BABA) and Baidu (O:BIDU).
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.