Search Results for:Julie Zhu
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.
The new valuation is far below the $100 billion valuation touted by sources earlier this year.
Xiaomi said it would apply to China’s securities regulator to postpone a review of its CDR offering application.
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 depositary receipts (CDR).
That would give the 12-year-old airline a pre-IPO valuation of about $1.6 billion.
Beijing could also rip up its unwritten rules on pricing caps to make way for these blockbuster deals, with Alibaba and Xiaomi believed to be furthest along the CDR planning path.
Jiang Zuo, also known as Douglas Jiang, joined IDG in 2013 to lead the firm’s cryptocurrency investments.
The listing plan comes at a time when Hong Kong Exchanges and Clearing has loosened its rules to woo Chinese new-economy companies.