Xiaomi's Mega IPO To Start In HK On Monday

Mainland smartphone maker Xiaomi will open its share sale on Monday in Hong Kong.

Xiaomi, which also makes internet-connected devices, has set a price range of HK$17 to HK$22 each for its listing in the Asian financial hub, one of the biggest tech floats globally in recent years.

Xiaomi has lined up US$548 million from seven cornerstone investors including US chipmaker Qualcomm for its Hong Kong IPO of up to US$6.1 billion, according to Reuters.

Other cornerstone investors include Chinese express delivery company SF Express, domestic telecom service provider China Mobile Ltd, state-backed investment firm CICFH Entertainment and state-run conglomerate China Merchants Group.

The seven will take a combined 10 percent of the shares being offered, and the company will open the book to instuitional investors on Thursday, according to the term sheet. (Reuters)