Chinese manufacturer, Xiaomi, has massive plans to get listed in the Hong Kong Stock Exchange and the CDR A Shares simultaneously. However, after its Hong Kong listing went into the final stages and CDR has confirmed that will hold its 88th meeting this year where it will consider Xiaomi’s application, the company then announced that it will not be handling these two listings simultaneously anymore due to some “uncertain factors”. Rather, the company will complete the Hong Kong listing process before it proceeds with CDR.
According to recent reports, the company will now hold a huge press conference on Saturday and will begin offering its shares on June 25 which happens to be the same day that the company will unveil the much awaited Xiaomi Mi Pad 4 and the Redmi 6 Pro. This obviously will be a busy day for Chinese giant but the company is certainly up to the task, it has hosted bigger events like the recent May 31st Shenzhen event where the Mi 8 series were launched alongside other products.
One aspect of Xiaomi’s listing has always been its valuation. Initially, it had a $100 billion target but in recent times, analysts have pegged Xiaomi’s valuation between $70 billion and $94 billion. Now, fresh reports suggest that its valuation could be as low as $55 billion which is about a 45% drop from its initial $100 billion target. Information from Sina Technology shows that American chipmaker, Qualcomm, China Merchants, and SF Express has signed the list of Xiaomi’s IPO cornerstone investors. It is believed that Qualcomm subscribed about $100 million.