Xiaomi 'to issue CDRs ahead of IPO'Business | Janice Huang 1 Jun 2018
Chinese smartphone maker Xiaomi, which is lining up for a US$10 billion (HK$78 billion) IPO, will issue China Deposit Receipts (CDRs) on July 6 in the Shanghai stock exchange and make a debut on the main board in Hong Kong on July 17, according to reports.
However, the final timeline has not been decided yet, according to mainland media reports, which cited people familiar with the matter.
Meanwhile, MS Group Holdings (1451) priced its initial public offering shares at HK$1.34, close to the upper limit of the indicative price range of between HK$1.2 to HK$1.36. The company has raised net proceeds of HK$48.6 million.
Trading of its shares will start today on the main board. Shares closed 39.6 percent higher in the gray market yesterday.
Elsewhere, Tencent Holdings (0700)-backed Tencent Music and Entertainment's US IPO reportedly is expected to achieve a value as high as over US$30 billion.
This high valuation means the music unit of the Chinese internet giant is likely to raise as much as US$4 billion, as reported. The company has locked Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch to lead the IPO.
In other IPO action, digital-payment service provider Huifu Payment is going to sell up to HK$1.9 billion worth of new shares in Hong Kong. The company plans to issue a total of 225 million shares at an indicative price range of between HK$6.5 to HK$8.5, while the final IPO price will be determined on June 6.
It will make a debut on June 15.