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Xiaomi Seeks Up To $4 Billion In Equity Deals – Term Sheet

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HONG KONG: Chinese smartphone maker Xiaomi Corp is aiming to lift as much as $Four billion in an fairness and convertible bond deal launched in Hong Kong on Tuesday, in response to a time period sheet seen by Reuters.

The firm is promoting 1 billion shares in a high-up transaction priced between HK$23.70 and HK$24.50, the time period sheet confirmed.

The vary is a 6.3% to 9.4% low cost to Xiaomi’s closing worth of HK$26.15 on Tuesday.

Xiaomi’s greatest shareholder, Smart Mobile Holdings Ltd, which owns about 27% of the corporate and is linked to chairman Lei Jun, in response to the time period sheet, is the promoting Class B sort shares.

A convertible bond deal to lift $855 million can also be underway, in response to the time period sheet.

Final pricing of the share issuance will happen Tuesday following a worldwide institutional bookbuild.

Xiaomi reported a 19% leap in third-quarter web revenue on Nov. 24, because the Chinese smartphone maker’s shipments over the quarter surged by 45.3% from a 12 months earlier.

The firm stated it had taken market share in China and Europe as its rival Huawei Technologies confronted U.S. sanctions which have hit its provide chain.

Xiaomi didn’t instantly reply to a request for remark.

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