not vested
Xiaomi seeks US$3.2b in share saleby Winnie Lee
The smartphone maker will also raise US$855 million through convertible bonds. REUTERS
Xiaomi (1810) is seeking to raise as much as to raise as much as US$3.2 billion (HK$24.9 billion) from a share placement, at a discount of up to 9.4 percent.
The news came as China's No. 2 smartphone maker overtook Apple to the number 3 slot in global shipments.
Xiaomi will sell 1 billion shares in a top-up placement to raise as much as US$3.2 billion, according to terms of the deal obtained by Bloomberg News.
The shares are being offered at HK$23.70 to HK$24.50 each, representing a 6.3 percent to 9.4 percent discount to its closing price of HK$26.15 on Monday.
It's Hong Kong's largest top-up placement on record, data compiled by Bloomberg show.
Xiaomi is also seeking US$855 million through a seven-year, zero-coupon convertible bond, the terms show.
The combined share placement and convertible bond sale is expected to raise up to US$4 billion.
Credit Suisse Group, Goldman Sachs, JPMorgan Chase & Co and Morgan Stanley are arranging Xiaomi's offering.
Xiaomi shares had been on a rally this year, rising 146 percent from a year ago.
However its stock slipped after it disclosed that its internet services revenue had grown at its slowest pace in three years in the September quarter.
Xiaomi grabbed market share from Huawei when American sanctions deepened particularly in overseas markets from Europe to India.
Meanwhile, global smartphone unit sales dropped 5.7 percent year-on-year to 366 million units in the third quarter, with Xiaomi beating Apple to the third slot for the first time ever, market researcher Gartner said.
Samsung and Huawei took the first and second spots respectively.
Source: The Standard
https://www.thestandard.com.hk/section- ... share-sale
It's all about "how much you made when you were right" & "how little you lost when you were wrong"