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Home Technology & Startups

Xiaomi Said Poised to Raise $5.5 Billion in Upsized Share Sale

March 24, 2025
in Technology & Startups
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(Bloomberg) — Xiaomi Corp. is set to raise about $5.5 billion in an upsized share sale, according to people familiar with the matter, as the company capitalizes on a surge in the Chinese company’s stock price to help raise funds to expand its electric-vehicle business.

Most Read from Bloomberg

The Beijing-based firm increased its offering to about 800 million shares and is planning to price it below the midpoint of a marketed range, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. The deal is set to price at HK$53.25 per share, the people said.

The company had been looking to sell 750 million shares at HK$52.80 to HK$54.60 apiece, according to terms of the deal seen by Bloomberg. A representative for Xiaomi couldn’t immediately be reached outside regular business hours.

The offering, which comes weeks after EV giant BYD Co.’s $5.6 billion fundraising, builds on what’s shaping up to be a bumper year for share sales in Hong Kong. After years of slumping, the city’s benchmark stock index is among the world’s best performers this year, fueling optimism for a rebound in deals in the Asian financial hub.

As to Xiaomi, the company is investing aggressively in its nascent EV business to drive growth. It recently increased its 2025 EV delivery target after posting the fastest revenue growth since 2021. As part of its efforts to ramp up production, the Beijing-based company is expanding the size of a planned second electric car factory in the Chinese capital, Bloomberg News reported earlier.

It comes after the rally in Hong Kong stocks — the Hang Seng Index has gained almost 20% this year — helped attract renewed interest from global investors who had shied away from China deals in the past few years, with expectations running high for more companies to tap the equity markets this year.

Xiaomi shares have more than tripled from their low in August, making them the best performers on the Hang Seng and one of China’s most expensive tech stocks. The company has won investors over by duplicating its smartphone success in China’s crowded EV market.

The fundraising can be a long-term positive for the company given the potential for deleveraging, artificial intelligence-related research and development and building out its EV capacity, Citigroup Inc. analyst Kyna Wong wrote in a note. In the short-term, though, it will pressure the shares given the dilution, the analyst noted.

Xiaomi’s placement puts Hong Kong on course to have its biggest quarter for share sales since the last three months of 2021, when almost $16 billion was raised, according to data compiled by Bloomberg. Prior to Xiaomi, equity deals in Hong Kong including initial public offerings had hit nearly $10 billion this year, more than sevenfold from a year earlier, according to the data.

Xiaomi plans to use the proceeds from the share sale to accelerate its business expansion and invest in research and development to advance technological capabilities, the terms show.

China International Capital Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are working on the share sale, the terms showed.

(Updates with new details starting in first paragraph.)

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.

Tags: BloombergBloomberg NewsHong KongXiaomi
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