Xiaomi makes a splash with $4bn CB/top-up

By Jonathan Breen
03 Dec 2020

Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.

The Chinese technology giant turned to investors after markets closed in Hong Kong on Tuesday, offering an $855m seven year non-put five convertible bond, its debut equity-linked issue, and a placement of 1bn shares.

Xiaomi lined up Credit Suisse, Goldman Sachs, JP Morgan and Morgan Stanley to run ...

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