June 29, 2018 / 4:22 AM / 5 months ago

China's Xiaomi prices Hong Kong IPO at bottom of range -IFR

HONG KONG, June 29 (Reuters) - Chinese smartphone maker Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, Thomson Reuters publication IFR reported on Friday, citing sources close to the transaction.

Xiaomi priced its share offering at HK$17 per share ($2.17), the bottom of a price range of HK$17 to HK$22, according to IFR. The company planned to sell 2.18 billion shares.

Xiaomi’s pricing comes at a delicate time for Hong Kong’s stock market, with the benchmark Hang Seng index falling 6.5 percent this month and 4.8 percent this year amid escalating trade tension between the U.S. and Chinese governments.

Xiaomi did not immediately respond to a request for comment on the IPO pricing. The sources declined to be identified as the information was not public. ($1 = 7.8477 Hong Kong dollars) (Reporting by Fiona Lau of IFR; Writing by Julie Zhu Editing by Christopher Cushing)

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