Chinese tech giant Xiaomi on Thursday officially submitted its IPO application to Hong Kong Exchange with its dual-class shareholding structure.
It has been the first applicant with dual-class shareholding structure since Hong Kong Exchange enacted revised bourse rules on April 30 which allows companies with dual-class shareholding structures and biotech firms with no revenue to apply for listing.
According to Xiaomi's application, its shareholding structure will comprise class-A shares and class-B shares.
Lei Jun, chairman and founder of Xiaomi, said in an open letter attached to the application files that his company is not only a smart-phone maker, but also a player with intelligent hardware connected by Internet of Things (IOT) and driven by innovations.
