Bid to sell $2.2b Xiaomi stake

Business | Avery Chen and Bloomberg 16 Jan 2019

An undisclosed institutional seller is in the market selling a stake in Chinese smartphone maker Xiaomi (1810) to raise up to HK$2.22 billion at a discount of about 4 percent to 7 percent compared to yesterday's closing price of HK$9.96.

Meanwhile, Apoletto Managers, one of Xiaomi's shareholders backed by Russian billionaire Internet investor Yuri Milner, has reduced its stake from 1.45 billion shares to 855 million shares, or 9.25 percent to 4.99 percent of the total shareholding, after the initial public offering lockup ended on January 9.

Founder and CEO Lei Jun said that he expects the advent of next-generation wireless to energize demand for its smartphones. "I think we are at the eve of 5G. I believe when 5G phones start to get popular, the overall demand from China will recover," he said.

Xiaomi's share price has fallen over 41 percent since its market debut on July last year.

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