Chinese manufacturer of smartphones Xiaomi debuted on Hong Kong Stock Exchange

Beijing. Jul 10. Silkroadnews - Chinese smartphone maker Xiaomi made its debut on the Hong Kong Stock Exchange, becoming the first company to adopt a weighted voting system with dual-class shares after the major listing reform in 25 years, Xinhua reports.
“We would like to thank the Hong Kong Stock Exchange and the Hong Kong Securities Regulatory Commission. We are an internet company and from Day 1 we have set up a weighted voting rights structure with dual-class shares,” said Lei Jun, founder and CEO of Xiaomi, at the listing ceremony.
He also noted, without innovation in the capital markets of Hong Kong, it would be difficult for Xiaomi to get listed at the Hong Kong Stock Exchange. He believes that many large Internet companies will enter the listing of the Hong Kong Stock Exchange in the near future.
Xiaomi offered about 2.18 billion shares at a price of 17 Hong Kong dollars each ($2.17). Sale of the company’s stock opened on Monday at 16.60 Hong Kong dollars ($2.11) per share.
Xiaomi is an Internet company with smartphones and smart hardware an IoT platform at its core, the report reads.