** Shares of China's Xiaomi Corp 1810.HK drop 5.6% to HK$53.8, on track for the biggest one-day pct decline since February 27
** Stock sinks to their lowest since March 17; third biggest pct loser on Hang Seng Index .HSI and Hang Seng Tech Index .HSTECH, which are down 1.1% and 1.9%, respectively
** Xiaomi said on Tuesday it had raised $5.5 bln in an upsized share sale as the company pushes forward with its ambitious electric vehicle manufacturing plans
** The company sold 800 mln shares at HK$53.25 each, representing a 6.6% discount to Monday's close
** Says the proceeds will be used for business expansion, investments in R&D to advance technological capabilities
** Citi, with "buy" rating, says the fund raising will pressure the short-term share price given dilution effect but it could be a long-term positive for Xiaomi on deleveraging, AI related R&D, EV capacity build-up for robust domestic demand and potential overseas expansion
** Stock up 58.1% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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