Ken Wang covers China's ECM and the equity-linked market for IFR. Before joining Thomson Reuters IFR in January 2011, he worked as a stock editor for China Finance Online.
Xiaomi’s decision to sell more of its IPO to onshore Chinese investors than previously planned has underlined the regulator’s influence on the inaugural issue of Chinese depositary receipts.
The three joint sponsors on Xiaomi’s IPO have valued the Chinese smartphone maker at a range of US$65bn–$86bn, according to pre-deal research reports seen by IFR.
China will need to revisit its draft rules on the sale of Chinese depositary receipts before the first overseas company can sell shares on the mainland, market participants said last week.