Xiaomi postpones CDR offering

Xiaomi Inc. will delay its planned listing of Chinese Depositary Receipts (CDRs), until after it finishes its listing in Hong Kong, the consumer electronics company said on Tuesday.

The Beijing-based smartphone maker planned to raise $5 billion through CDRs, instruments which allow overseas stocks to be traded on China’s mainland market.

In May, Xiaomi announced it has filed to list on the stock exchange in Hong Kong, in what could be the largest initial public offering (IPO) in the world this year. The company didn’t reveal any details about the filing, but according to analysts, it is expected to raise about $10 billion, which would value the firm at $100 billion.


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