Xiaomi lowers valuation post delaying mainland offering until Hong Kong IPO

Xiaomi Corp is using a range of $55 billion to $70 billion in its discussions with potential cornerstone investors ahead of the planned launch of its Hong Kong IPO later this week

Chinese smartphone maker Xiaomi has lowered its likely valuation to between $55 billion and $70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO, three sources with direct knowledge of the matter said.

The delay was triggered by a dispute between the company and regulators over the valuation of its China depositary receipts (CDRs), sources said, casting doubt on Beijing's efforts to lure foreign-listed Chinese tech giants back home.

Xiaomi Corp is using a range of $55 billion to $70 billion in its discussions with potential cornerstone investors ahead of the planned launch