IPOs & Markets
The investment bank is targeting a valuation of between $4 billion and $5 billion.
Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings.
The cornerstone investors are expected to buy about 15% of the shares being offered in the IPO.
Lufax seeks to fund growth while its IPO is on hold due to changing regulation in consumer lending, a core business.
Xiaomi is likely to be among the first overseas-listing Chinese tech firms to seek a secondary listing in China under plans for so-called Chinese
The listing plan comes at a time when Hong Kong Exchanges and Clearing has loosened its rules to woo Chinese new-economy companies.
Canaan Creative filed a listing application to the HKEX on Monday while Zhejiang Ebang has also started working with advisers on a proposed HK float o
The float will add to a busy pipeline of Chinese tech companies that are seeking to go public this year.
Tencent Music is seeking an IPO valuation of about $25 billion.
Fidelity Investments-backed Innovent Biologics and Ascentage Pharma both plan to float in the second half of this year.
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