China's top smartphone manufacturer Xiaomi is raising $5.5 billion (about 8.08 trillion won) through share sales in the Hong Kong stock market.
On the 24th (local time), Bloomberg news reported that Xiaomi plans to sell 800 million shares at 53.25 Hong Kong dollars ($6.85) each, according to the exchange's transaction notice. This is 6.6% lower compared to the closing price on that day.
Earlier, on the 4th, China's leading electric vehicle manufacturer BYD raised $5.6 billion (about 8.1855 trillion won) through a large-scale capital increase in the Hong Kong stock market.
Bloomberg noted, "Two of the largest stock offerings in Hong Kong since 2021 were completed this month," adding, "The two companies took advantage of one of the biggest stock market rallies in the world."
The Hong Kong Hang Seng Index, which had shown a downward trend in recent years, has surged nearly 20% this year, showing the highest growth rate in the world. Xiaomi's stock price has more than tripled compared to its low point in August last year.