In China, Xiaomi has long stayed ahead of Apple in market share. Huawei’s troubles have strengthened its position. A strong third quarter has helped the smartphone maker raise billions in capital. But opportunistic timing and reduced pricing send investors a discouraging signal.
Xiaomi sold shares worth HK$23.7bn ($3.1bn) in a record follow-on offering in Hong Kong on Wednesday. Accounting for both debt and equity the total raised comes to nearly $4bn.
Xiaomi does not need the money. It has more than $10bn in cash and short-term investments. The shares, which performed badly following the group’s 2018 flotation, have gained 170 per cent in the past year. Smartphone shipments rose nearly 50 per cent in the third quarter.
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