By Shelly Banjo
The startup’s fluctuating valuation is partly due to mixed messages about what Xiaomi does. While 70% of revenue comes from selling smartphones, co-founder Lei Jun insists that Xiaomi’s real goal is to be an internet services company making money off ads and online games.
MNC Studios, a unit of media conglomerate Media Nusantara Citra, plans to sell around 29.98 per cent of its stake.
Investors are dumping their shares after the company struggled to live up to the hype despite the retail portion being 653 times oversubscribed.
Aslan said it will use the net proceeds from the offering to continue to invest in the clinical development of its product candidates.
Last month, GIC took a roughly 7% stake in Vinhomes for about $853 million as a pre-IPO investor.
The Hang Seng Indexes Company said it has decided to remove Lenovo from the blue-chip index after reviewing the Hang Seng Family of Indexes for the quarter ended March 30 this year.
The question now is whether this will damp demand for Xiaomi Corp., which is planning what may be the world’s biggest IPO since 2014 in Hong Kong.
Technology companies that give founders and executives more voting rights are now allowed to go public in the former British colony after a major rule change.
The firm is looking to raise the capital for business expansion and debt repayment.
The deal will result in MC Payment undertaking a reverse takeover of Artivision, making it the first fintech firm to be listed on the SGX.