FINANCIAL SERVICES | Staff Reporter, Hong Kong

Xiaomi guns for June 7 blockbuster IPO hearing

The much-anticipated public debut could raise as much as $10b.

Bloomberg reports that Xiaomi Corp. is said to be seeking formal Hong Kong stock exchange approval on June 7, people with knowledge of the matter said.

Also read: Xiaomi IPO to make millionaires out of rank and file workers

The Beijing-based smartphone maker hopes to price the share sale late next month if its application is approved by the bourse’s listing committee but the timing could slip, depending on the volume of questions from the exchange ahead of the meeting.

Xiaomi’s public debut could easily be the world’s largest public listing since Alibaba’s $25b flotation in 2014. It is also the first major firm to take advantage of sweeping reforms allowing companies with dual class shares to list on the main board.

Hong Kong has been abuzz with activity after a series of back-to-back blockbuster IPOs as Xiaomi’s IPO comes on the heels of insurer Ping An Insurance’s debut. Mobile phone tower operator China Tower is also seeking to list in the city, in an IPO that could easily equal Xiaomi’s $10b.

Also read: IPO boom buoys short-lived HKD rally

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