Xiaomi Secures $5.5 Billion to Drive Electric Vehicle Expansion

The Chinese tech giant plans to use the funds for scaling production, advancing R&D, and meeting its ambitious delivery targets in the competitive EV market.

• Xiaomi raised $5.5 billion through a share sale, selling 800 million shares at HK$53.25 each, a 6.6% discount on the prior closing price.
• The proceeds will support business expansion, research and development, and general corporate purposes, according to the company.
• The shares sold represented approximately 3.2% of Xiaomi's existing issued share capital.
• Lei Jun, Xiaomi's founder and chairman, facilitated the sale by initially purchasing the shares and placing them with investors.
• The fundraising mirrors a recent $5.59 billion share sale by rival BYD, reflecting intensifying competition in the global EV sector.

3 Articles

Quartz The Japan Times South China Morning Post