China’s Xiaomi postpones planned offer of depositary receipts

Beijing. June 21. Silkroadnews - Chinese technology giant Xiaomi will postpone the planned offer of shares through the issuance of China Depositary Receipts (CDRs) in the mainland China market, China Plus reports.
The Beijing-based smartphone maker has applied to suspend review of the application for the release of the CDR, as the company decided to first complete its listing in Hong Kong, and then “pick up an opportunity” to issue CDR in the mainland market, the China Securities Regulatory Commission (CSRC) reported. The CSRC has canceled the review of Xiaomi’s CDR application.
Earlier this month, China published the rules of the pilot program for the release and trade of CDRs to support the domestic listing of innovative companies, and Xiaomi was the first to apply for a CDR issuance.