Chinese Xiaomi has applied for IPO in Hong Kong with dual-class shareholding structure

Beijing. May 5. Silkroadnews - Chinese tech giant Xiaomi on Thursday officially submitted its IPO application to Hong Kong Exchange with its dual-class shareholding structure, Xinhua reports.
This is the first application with dual-class shareholding structure after Hong Kong Stock Exchange adopted revised rules allowing companies with dual-class share-holding structures and biotechnology firms to apply for listing without any income as of April 30.
According to Xiaomi, its shareholding structure will include shares of Class A and Class B shares.
Lei Jun, chairman and founder of Xiaomi, said in an open letter attached to the application that his company is not only a smart-phone maker, but also a player with intelligent hardware connected by Internet of Things (IOT) and driven by innovations, the report reads.