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Clifford Chance advises on Xiaomi's US$4.7 billion IPO

9 July 2018

Clifford Chance advises on Xiaomi's US$4.7 billion IPO

Leading international law firm Clifford Chance advised the joint sponsors and 23 underwriters including Goldman Sachs (Asia) L.L.C., Morgan Stanley Asia Limited and CLSA Capital Markets Limited, on Xiaomi Corporation's US$4.7 billion (HK$37 billion) initial public offering on the Stock Exchange of Hong Kong (HKEX). Xiaomi is the first company to be listed in Hong Kong with weighted voting rights structure following the introduction of a new regime by the HKSE allowing such voting structure in April this year. This is also the fourth largest technology company IPO globally after Alibaba, Facebook and Infineon.

Partners Tim Wang, Jean Thio, Fang Liu and Amy Lo led on the deal. They were supported by consultants Tianning Xiang and Yufei Liao, associates Gehuan Liu, Janet Tang, Xiaoxi Liu, Huiyu Huang, Hongzhou Chen and trainees Linyang Wu, Grace Fung and Nan Lan.   

"Our team was delighted to advise on this landmark offering for leading global technology company Xiaomi. This is the first IPO under Hong Kong's new weighted voting rights structure and one of the largest technology company IPOs globally in history," said partner Tim Wang.

Beijing-based Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core. Since inception in 2010 Xiaomi has quickly become the fastest growing internet company and second fastest growing company globally, as measured by organic revenue growth compared to publicly-listed profitable companies with revenue of over RMB100 billion in 2017, according to iResearch.