Xiaomi trimmed its valuation and delayed a share offering (of sorts) in mainland China, although a listing in Hong Kong will still go ahead, Reuters reported.

The smartphone maker had planned to offer China depositary receipts (CDRs), enabling investors in its home market to participate in its listing. But a valuation dispute with regulators means this has been postponed. CDRs are relatively new and, despite interest from other high-tech companies, there are still some questions as to how they will work.

Xiaomi is now reported to be looking at a valuation of between $55 billion and $70 billion. While at one point it was suggested the company was worth $100 billion, the new figures are also below the $70 billion Xiaomi and its advisers had been using as informal guidance.

Reuters said authorities wanted the CDRs priced at a lower level than Xiaomi was looking at to ensure there was a healthy secondary market

Xiaomi is outpacing its rivals for growth and is pressing on with international expansion. Its IPO documentation revealed it is profitable on an operating level.

While it was previously reported that the company was looking for $10 billion from its listings, subsequently a figure of $6.1 billion was given for the Hong Kong portion.

Qualcomm and China Mobile have been suggested as “cornerstone investors”.