On Tuesday China’s Xiaomi Corp. postponed its mainland share offering until it completes it’s listing in Hong Kong. To complete the legal procedure Xiaomi needs to submit an application to China’s securities regulator so as to push back the ongoing review of its China depository receipts offering application.
The reason to postpone the mainland share is still not known. It also did not say when it would restart its CDR application process.
The security Regulatory of China stated that it would suspend the review of Xiaomi’s CDR application. It seems that the Xiaomi Corp. will continue to focus on its Hong Kong initial public offering, as stated by a Xiaomi representative to CNBC.
The Chinese smartphone major did not officially confirm why the company delaying the process or when it will start the CDR filing process again.
Via: Channel NewsAsia