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When it comes to the big boys, Singapore once again proved we're not at that level and our multi million dollar leaders simply can't do shit with it.
http://www.scmp.com/business/compan...ise-funds-hong-kong-giving-city-pole-position
Xiaomi applies to raise funds in Hong Kong, giving city the pole position in 2018 global IPO race
Xiaomi’s 2017 sales jumped by two-thirds to 114.6 billion yuan, while operating profit tripled and adjusted net profit soared from a year earlier
Xiaomi has applied to sell shares in Hong Kong, giving the city what’s probably the world’s biggest initial public offering (IPO) of 2018 and the pole position in a race with New York and Shanghai to be the global capital for raising funds.
While the application omitted financial terms, bankers familiar with the plan said the Beijing-based company is seeking to raise US$10 billion, in a sale that values the eight-year-old company at US$100 billion.
That would catapult Xiaomi, founded in 2010 by serial entrepreneur Lei Jun, past Baidu and JD.com to become the third-biggest Chinese technology company by value, after Tencent Holdings and Alibaba Group Holding. At US$10 billion, Xiaomi’s IPO would also be the 15th biggest of all time, or the fourth-largest in Hong Kong.
Xiaomi’s listing application appears to be an early vindication for Hong Kong’s securities regulator and exchange operator, which together pushed through the biggest reforms in the city’s listing regulations in decades.
The city, overtaken by Shanghai last year for the first time in the global IPO stakes, was anxious to reclaim its crown to sustain jobs in the financial industry and maintain revenue from stock listings.
It’s also a vital shot in the arm for a city that’s been floundering in its claim to be mainland China’s gateway to the financial world, ever since Alibaba chose New York over Hong Kong for its US$25 billion IPO in 2014, which still holds the record as the world’s biggest stock sale.
Alibaba, the largest e-commerce operator on earth, also owns the South China Morning Post. Yunfeng Capital Management, the private equity fund of Alibaba’s co-founder Jack Ma Yun, is an investor in Xiaomi.
Exchange officials of Shanghai and Shenzhen had been particularly aggressive in wooing Xiaomi and other Chinese technology companies to raise capital onshore, promising fast-tracked approvals, easier regulations and additional incentives.
To compete with regional bourses, Hong Kong pushed through rules to let pre-revenue biotechnology firms and technology firms with multiple classes of stocks sell equity. The new rules, which were controversial from the outset, appear to have paid off.
http://www.scmp.com/business/compan...ise-funds-hong-kong-giving-city-pole-position
Xiaomi applies to raise funds in Hong Kong, giving city the pole position in 2018 global IPO race
Xiaomi’s 2017 sales jumped by two-thirds to 114.6 billion yuan, while operating profit tripled and adjusted net profit soared from a year earlier
Xiaomi has applied to sell shares in Hong Kong, giving the city what’s probably the world’s biggest initial public offering (IPO) of 2018 and the pole position in a race with New York and Shanghai to be the global capital for raising funds.
While the application omitted financial terms, bankers familiar with the plan said the Beijing-based company is seeking to raise US$10 billion, in a sale that values the eight-year-old company at US$100 billion.
That would catapult Xiaomi, founded in 2010 by serial entrepreneur Lei Jun, past Baidu and JD.com to become the third-biggest Chinese technology company by value, after Tencent Holdings and Alibaba Group Holding. At US$10 billion, Xiaomi’s IPO would also be the 15th biggest of all time, or the fourth-largest in Hong Kong.
Xiaomi’s listing application appears to be an early vindication for Hong Kong’s securities regulator and exchange operator, which together pushed through the biggest reforms in the city’s listing regulations in decades.
The city, overtaken by Shanghai last year for the first time in the global IPO stakes, was anxious to reclaim its crown to sustain jobs in the financial industry and maintain revenue from stock listings.
It’s also a vital shot in the arm for a city that’s been floundering in its claim to be mainland China’s gateway to the financial world, ever since Alibaba chose New York over Hong Kong for its US$25 billion IPO in 2014, which still holds the record as the world’s biggest stock sale.
Alibaba, the largest e-commerce operator on earth, also owns the South China Morning Post. Yunfeng Capital Management, the private equity fund of Alibaba’s co-founder Jack Ma Yun, is an investor in Xiaomi.
Exchange officials of Shanghai and Shenzhen had been particularly aggressive in wooing Xiaomi and other Chinese technology companies to raise capital onshore, promising fast-tracked approvals, easier regulations and additional incentives.
To compete with regional bourses, Hong Kong pushed through rules to let pre-revenue biotechnology firms and technology firms with multiple classes of stocks sell equity. The new rules, which were controversial from the outset, appear to have paid off.
