Xiaomi has raised HKD42.5 billion (USD5.5 billion) after completing the sale of 800 million shares on 27 March, with Skadden, Jingtian & Gongcheng, Latham & Watkins, JunHe and Zhonghao Law Firm advising the issuer and the underwriters.
This is the third-largest lightning fundraiser in the Hong Kong market to date, hot on the heels of BYD’s HKD43.5 billion placement, completed on 11 March this year, and Meituan’s HKD54.2 billion placement, sealed in April 2021.
Skadden acted as Xiaomi’s international law counsel, with the co-head of the firm’s China practice, Paloma Wang, leading the team. Partners Wu Yuting and Brian Egan counselled on US securities law and US Foreign Investment Committee matters, respectively. Jingtian & Gongcheng advised Xiaomi on PRC law, while Zhonghao’s managing partner Lin Yang also counselled the issuer.
Latham & Watkins and JunHe advised the placement agents Goldman Sachs, JP Morgan and CICC. Hong Kong-based partners Benjamin Su, Zhang Daying and Terris Tang led the Latham team. Washington-based partner James Barker assisted on regulatory matters. JunHe’s team included Li Zhi and Lei Tianxiao, and they were assisted by partner Deng Lin.
