FILE PHOTO: Attendees will be marked in the front of the Xiaomi’s logo on the venue for the launching ceremony of Xiaomi’s new smart phone from Mi, Max, in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon
HONG KONG (Reuters) – Chinese smartphone maker Xiaomi Corp said on Friday it had scrapped a continent a part, the offering of a plan to focus on business development.
The company has filed an application for the public offer China depositary receipts (Cdrs) in the mainland of China, in June of 2018. Reuters has reported that in the month that Xiaomi has decided to delay the offering until after its shares debuted in Hong Kong.
“In view of the fact that the Company is currently focused on business development, and is in possession of sufficient capital resources, it has decided to terminate the proposed MAXIMUM offering,” Xiaomi said in a filing to the Hong Kong stock exchange.
The Chinese government has announced plans at the beginning of the end of 2018 so that the Cd-r’s as well as through the hiring of overseas-listed companies to sell shares in the home, are also part of the efforts to attract back overseas-listed Chinese tech giants including Alibaba and Baidu.
Reporting by Min Zhang, and Meg Shen; editing by Emelia sithole-Matarise