2018.07.17
On July 9, 2018, Xiaomi Corporation (stock code: 1810.HK, “Xiaomi”) was successfully listed on M88 app main board of M88 app Hong Kong Stock Exchange (“HKEx”), issuing shares at M88 app price of HK per share, raising funds of USD4.7 billion in total. It was M88 app largest IPO ever implemented by a private company in Hong Kong and M88 app third largest IPO by a technology company in M88 app world, following M88 app IPOs of Alibaba and Facebook. Xiaomi has become M88 app first company listed on HKEx with a weighted voting rights structure. JunHe acted as M88 app PRC legal counsel for M88 app issuer in M88 app IPO project.
Founded in 2010, Xiaomi is a new Internet company with mobile phones, intelligent hardware and IoT platforms as its core business. It insists on providing users with products that are “moving and price-friendly” and is committed to enabling everyone in M88 app world to enjoy a better life brought about by technology. Since its inception, Xiaomi has developed rapidly under M88 app leadership of its founding team led by Mr. Lei Jun. It is currently M88 app world's fourth largest smartphone manufacturer and has M88 app world's largest consumer IoT platform. Its original “triathlon” business model, i.e. hardware + new retail + Internet services, has promoted M88 app rapid popularity and quality improvement of smartphones in China, and lays a solid foundation for M88 app leap-forward development of China’s mobile Internet.
From its official launch to its successful listing, this IPO project took around six months, and it involved demanding legal effort due to M88 app fact that Xiaomi is involved in a wide range of business areas, has a complex structure, and a large number of domestic subsidiaries and assets. JunHe, as M88 app PRC legal counsel to Xiaomi, successfully assisted Xiaomi in obtaining approval and consent from HKEx by rendering high-quality, rigorous and efficient legal services. This included designing M88 app reorganization structure, conducting legal due diligence investigations of its domestic subsidiaries, issuing PRC legal opinions and making detailed explanations and replies with regard to M88 app relevant key PRC legal issues of concern to HKEx. M88 app team provided professional opinions and recommendations to Xiaomi on M88 app legal issues in relation to M88 app VIE structure reorganization, various qualifications and compliance, and adjustments to M88 app overseas shareholding structure as well as foreign exchange registration. M88 app professional attitude of JunHe’s team has won high recognition from M88 app client and oM88 appr intermediaries.
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