Xiaomi, a Beijing-based smart phone maker¹, on Saturday announced its plan to raise 48 billion HK dollars (about 6.12 billion U.S. dollars) in the initial public offering (IPO) in Hong Kong next month.

 

小米，一家北京的智能手机生产商，周六宣布计划在下月香港IPO中筹集480亿港币（约61.2亿美元）。

 

Xiaomi will offer about 2.18 billion shares priced at between 17 and 22 HK dollars each.

 

The offering is expected to start next Monday and close next Thursday, while trading of the shares is expected to start on July 9, according to a news conference held by Xiaomi Corporation in Hong Kong.

 

"We are an innovation-driven internet company committed to the principle of 'amazing products at honest pricing'," Lei Jun, executive director, founder², chairman and chief executive officer of Xiaomi said.

 

"Within seven years of our founding, our annual revenue exceeded 100 billion yuan (15.38 billion U.S. dollars), achieving a growth rate that many traditional companies are unable to match."

 

In the future, Xiaomi has huge potential for growth as a very rare company that can handle hardware, e-commerce and internet services, Lei said.

 

Xiaomi will also be the first issuer after Hong Kong introduced new rules on dual-class shares or the weighted voting rights (WVR) structure.

 

Under the WVR structure, Xiaomi's share capital will comprise class A shares and class B shares. Each class A share will entitle the holder³ to exercise 10 votes, and each class B share will entitle the holder to exercise one vote, according to a press release.

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