August 30, 2019 / 2:34 PM / 18 days ago

China's Xiaomi ditches mainland share offering plan

FILE PHOTO: Attendants are silhouetted in front of Xiaomi's logo at a venue for the launch ceremony of Xiaomi's new smart phone Mi Max in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) said on Friday it had scrapped a mainland share offering plan in order to focus on its business development.

The company filed an application for a public offering of China depositary receipts (CDRs) in mainland China on June 2018. Reuters reported that month that Xiaomi had decided to delay the offering until after its shares debuted in Hong Kong.

“Given that the Company is currently focusing on the business development and holds adequate capital, it has decided to terminate the proposed CDR offering,” Xiaomi said in a filing to the Hong Kong stock exchange.

Chinese authorities announced plans in early 2018 to allow CDRs as a means of letting overseas-listed companies sell shares at home, also part of efforts to lure back foreign-listed Chinese tech giants such as Alibaba (BABA.N) and Baidu (BIDU.O).

Reporting by Min Zhang and Meg Shen; editing by Emelia sithole-Matarise

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