Xiaomi's (HKG:1810) shares were down 6% in Tuesday's afternoon trade after it disclosed plans to raise HK$42.5 billion from a top-up placement.
Lei Jun, the company's founder, CEO, and controlling shareholder, is selling his 800 million shares through Smart Mobile Holdings at HK$53.25 apiece.
The Chinese tech giant will then issue the same number of new shares to Smart Mobile at the same price, according to a Tuesday filing with the Hong Kong bourse.
Upon completion of the deals, Lei Jun's stake in Xiaomi will fall to 23.4% from 24.1%.
Deal proceeds will be used to accelerate business expansion, fund R&D to boost technological capabilities, and support other general corporate purposes.
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