China's Xiaomi pulls mainland CDR offering until after HK IPO

Chinese tech giant Xiaomi will postpone its planned share offerings via China Depositary Receipts (CDRs) issuance in the mainland market, the country's securities regulator said Tuesday.

The Beijing-based smartphone maker has applied to suspend the review of its CDR issuance application, as the company has decided to complete its listing in Hong Kong first and then "pick an opportunity" to issue CDRs in the mainland market, said the China Securities Regulatory Commission (CSRC).

The CSRC said it respects Xiaomi's decision and has cancelled the review on its CDR application scheduled for Tuesday.

China issued rules on a pilot program for issuance and trading of CDRs earlier this month to support the domestic listing of innovative companies, and Xiaomi was the first to submit an application for CDR issuance.

(ASIA PACIFIC DAILY)