China's Xiaomi to raise up to US$5.27 billion from share sale

China's Xiaomi (1810) is raising up to US$5.27 billion (HK$41.1 billion) in a top-up placement on Monday, according to a term sheet seen by Reuters.

The shares are being sold in a HK$52.80 to HK$54.60 price range, the term sheet said.

The smartphone maker, which began manufacturing electric vehicles last year, is selling 750 million Class B shares and the price range represents a 4.2-7.4 percent discount to the company's HK$57 closing price on Monday.

The money raised is earmarked for business expansion, investment in research and technology development and general corporate purposes, the term sheet said.

Xiaomi did not respond immediately to a request for comment.

EV manufacturer BYD (1211) this month raised US$5.59 billion in Hong Kong's largest share sale in four years.

REUTERS