Lei Jun, co-founder of Xiaomi
May brought welcome news for Hong Kong.
Xiaomi, one of the world’s most successful smartphone manufacturers and China’s closest answer to Apple, will conduct its IPO on the city’s exchange, potentially raising about $10 billion.
For the Hong Kong stock exchange, this is vindication of a rule change specifically designed to capture tech listings like Xiaomi and a direct response to having missed out on the biggest, Alibaba.
The new rules allow for a weighted voting rights structure, also known as dual-class shares.
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