Beijing Xiaomi Technology Co., Ltd. (hereinafter referred to as Xiaomi) recently submitted an application for listing and is expected to be officially listed from the end of June to the beginning of July, according to the Hong Kong Economic Daily.
Since April 30, the consultation summary on the listing system of Companies in emerging and innovative industries newly formulated by the Hong Kong Stock Exchange has come into effect. On the basis of the original system, companies with 'the same share but different rights' will be able to apply for listing on the Hong Kong stock exchange. Xiaomi is expected to take the lead in raising at least US $10 billion (HK $78.5 billion) in new shares of the same stock with different rights, becoming the largest amount of new shares raised this year.
Deng Shengxing, chairman of the Hong Kong stock analysts association, believes that the large-scale IPO makes the market tight. Although it will have an impact on the market, there will be no sharp drop. Xiaomi is known as the first stock with different rights in the Hong Kong stock exchange, which will help stabilize the market structure in the future.