By Amanda Lee
Shares of Chinese consumer-electronics giant Xiaomi fell in Hong Kong after the company raised about $5.5 billion through an upsized share sale.
Xiaomi's stock dropped as much as 6.1% to 53.50 Hong Kong dollars, equivalent to $6.88, early Tuesday before slightly trimming losses.
The company said before the market open on Tuesday that it had placed 800 million shares at HK$53.25 each, a 6.6% discount to Monday's closing price.
Xiaomi plans to use the proceeds primarily to accelerate business expansion, invest in research and development and fund other general corporate purposes, it said.
China International Capital Corporation Hong Kong Securities, Goldman Sachs (Asia) and J.P. Morgan Securities (Asia Pacific) are acting as overall coordinators, managers and capital market intermediaries for the share placement.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 24, 2025 22:33 ET (02:33 GMT)
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