Shares in China’s Xiaomi fell as much as 12 per cent after the smartphone maker raised almost $4bn via equity and debt to fund efforts to capture more global market share, as rival Huawei suffers under US sanctions.
Xiaomi sold equity worth HK$23.7bn ($3.1bn) in a follow-on offering in Hong Kong, the company said in a statement to the city’s bourse during the lunchtime trading break on Wednesday.
The shares were sold at a 9.4 per cent discount to the previous day’s closing level and near the bottom of a marketed range.
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