Chinese smartphone and electric vehicle (EV) manufacturer Xiaomi Corp is set to raise up to $5.27 billion through a top-up placement, according to a term sheet seen by Reuters. The company will sell 750 million Class B shares, with a price range set between HK$52.80 and HK$54.60 per share, reflecting a discount of 4.2-7.4% compared to its HK$57 closing price on Monday.
Xiaomi intends to use the funds raised for business expansion, investments in research and technology, and general corporate purposes. The move comes on the back of Xiaomi’s recent success, reporting a nearly 50% jump in its fourth-quarter revenue and increasing its target for electric vehicle deliveries from 300,000 to 350,000 units for the year. Additionally, Xiaomi plans to expand its retail presence, aiming to open 10,000 new Mi Home stores worldwide over the next five years.
This share placement follows a broader trend of Chinese firms engaging in equity capital market deals in 2025, with total equity issuance from Chinese companies reaching $16.8 billion in the first quarter, more than double the amount seen a year ago.
Xiaomi’s offering is being managed by Goldman Sachs, CICC, and JPMorgan.
