Chinese smartphone and electric vehicle (EV) manufacturer Xiaomi Corp is raising up to $5.27 billion through a top-up share placement, according to a term sheet.
The company is offering 750 million Class B shares within a price range of HK$52.80 to HK$54.60, representing a 4.2% to 7.4% discount from its last closing price of HK$57. The proceeds from the share sale will be used to fund business expansion, research and development, and other corporate purposes.
The fundraising move follows a broader trend of Chinese firms tapping equity capital markets, with total equity issuance from Chinese companies in Q1 2025 reaching $16.8 billion—more than double the previous year’s figure. The easing of regulatory pressure on Chinese tech giants and the emergence of disruptive AI firms such as DeepSeek have contributed to renewed investor interest in Chinese stocks.
EV giant BYD recently raised $5.59 billion in Hong Kong’s largest share sale in four years, signaling strong market appetite for capital raises by major Chinese firms. Xiaomi, which entered the EV market last year, recently raised its annual vehicle delivery target from 300,000 to 350,000 units following a nearly 50% surge in fourth-quarter revenue.
The company is also focusing on expanding its retail presence across China and plans to open 10,000 Mi Home stores overseas within the next five years.
