Chinese mobile phone and accessories manufacturer Xiaomi has selected Citic Securities to handle its issuance of Chinese depositary receipts. Xiaomi plans to file for an initial public offering in Hong Kong in May, Bloomberg reports, citing unnamed people familiar with the matter. According to the same sources, Xiaomi is targeting a valuation of USD 100 billion. The CDR is expected to follow the IPO in Hong Kong and its size is yet to be decided, the source added.
Xiaomi selected Morgan Stanley, Goldman Sachs Group, Credit Suisse Group and Deutsche Bank for its IPO, the sources also said. Xiaomi declined to comment on its listing plans, while a Citic representative did not respond to requests for comment.
