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Xiaomi puts indefinite delay on CDRs in blow to China's plans for tech listings

June 23, 2018 8:34 AM
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Xiaomi puts indefinite delay on CDRs in blow to China's plans for tech listings

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Corp (IPO-XMGP.HK) said on Saturday there is no time frame for a mainland share offering, casting doubt on Beijing’s efforts to lure foreign-listed Chinese tech giants back home.

Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings. But in a surprise move this week, it postponed its mainland share offering until after it completes its scheduled July 9 listing in Hong Kong.

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