Xiaomi Is Said to Win Hong Kong Stock Exchange Approval for IPO

Xiaomi has won Hong Kong stock exchange approval for its planned initial public offering, according to Bloomberg, citing people with knowledge of the matter.

The smartphone maker passed its so-called listing hearing on Thursday, said the people, who asked not to be identified. Xiaomi plans to start gauging investor demand in the next few days, one of the people said.

Xiaomi is one of the most hotly anticipated Hong Kong deals in years. The company, led by serial entrepreneur Lei Jun, has been considering seeking about $10 billion from the IPO. The offering could become the world’s largest first-time share sale since Alibaba listed in the U.S. in 2014.

Beijing-based Xiaomi was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed rules in April. It could also become the first firm to issue Chinese depositary receipts, after it picked Citic Securities to handle a planned mainland listing.

Citic Securities unit CLSA, Goldman Sachs and Morgan Stanley are joint sponsors of the Hong Kong IPO, according to a stock exchange filing last month. Credit Suisse, Deutsche Bank, JPMorgan and six Chinese banks are also helping to arrange the share sale, people familiar with the matter have said.