Xiaomi secures seven cornerstone investors for Hong Kong IPO of up to $6 bn

The seven will take up a combined 10 percent of the shares being offered in the IPO, and the company has opened the book to intuitional investors on Thursday

Chinese smartphone maker Xiaomi has lined up $548 million from seven cornerstone investors including US chipmaker Qualcomm for its Hong Kong IPO of up to $6.1 billion, according to a term sheet seen by Reuters.

Xiaomi, which also makes internet-connected devices, has set a price range of HK$17 to HK$22 ($2.17 to $2.80) each for its listing in the Asian financial hub, one of the biggest tech floats globally in recent years, showed the term sheet. Other cornerstone investors include Chinese express delivery company SF Express, domestic telecom service provider China Mobile, state-backed investment firm CICFH Entertainment and state-run conglomerate