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Xiaomi, a Chinese Start-Up, Picks Hong Kong for a Major I.P.O.

May 2, 2018

In a filing on Thursday with Hong Kong’s stock exchange, Xiaomi said it planned to raise an unspecified amount of money through a public sale of shares. It said it would use the money to develop new smartphones, smart TVs, home speakers and other household gadgets, as well as to finance its ambitions to expand beyond the Chinese market.

The filing indicates that Xiaomi will take advantage of Hong Kong rules that now allow companies to issue supervoting shares to top insiders as well as shares with lesser voting rights to the public. Xiaomi said Lei Jun, its founder, chairman and chief executive, would retain control of the company after the offering because of that arrangement.

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