Smartphone manufacturer Xiaomi signalled plans to raise up to $4 billion from sales of shares and bonds, Bloomberg reported, funds apparently partly earmarked for efforts to grab further market share from under-fire rival Huawei.
Xiaomi reportedly plans to raise the capital from a top-up share placement to its Hong Kong listing and the sale of seven-year bonds.
Citing a Xiaomi document detailing its plan, Bloomberg said in addition to measures designed to increase its share, the company plans to use the funds to make “strategic ecosystem investments” and expand the business.
The news comes a week after the manufacturer unveiled record revenue and profit figures for Q3, reporting a spike in demand for its smartphones across a number of markets and increased momentum in the premium tier.
Analyst company Canalys marked Xiaomi as one of the major winners from Huawei’s international woes, taking a large slice of its shipments in Europe in particular while also surpassing Apple as the world’s third-largest vendor by shipments.
In its report, Canalys noted Xiaomi’s shipments increased 45 per cent year-on-year in Q3 to 47.1 million units.Subscribe to our daily newsletter Back