Media: Xiaomi passes listing hearing in HK

Tech company Xiaomi has passed the listing hearing of Stock Exchange of Hong Kong on Thursday, reported Hong Kong Economic Times Friday.

The Listing Committee's hearing is a required procedure for any company planning an initial public offering, said an analyst with Tiger Brokers, an online brokerage facilitating Chinese investors' trade in Hong Kong and United States shares. In this process, the committee would evaluate documents filed by the company and decide whether it is in line with the bourses' IPO requirements, he added.

Xiaomi refused to comment when contacted by chinadaily.com.cn.

Market insiders expect Xiaomi to issue its prospectus as early as end-June and to get listed in the middle of July, although there is still no confirmation on the company's valuation.

The Beijing-based company will reportedly issue China Depositary Receipts in Shanghai on July 16, although the company has not commented on this matter.

China's top securities regulator on Wednesday issued rules on a test run of issuance and trading of CDRs.

The rules, which became effective as soon as they were issued, lay the institutional foundation for innovative firms to issue CDRs in domestic capital market, said an online statement of China Securities Regulatory Commission.