Deals
Xiaomi’s IPO Risks a Cash Crunch in Hong Kong
- Chinese smartphone upstart said to be preparing listing
- The last big IPO saw interbank rates surge by most since 2008
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Hosting what’s shaping up to be the world’s biggest initial public offering of 2018 may be a double-edged sword for Hong Kong.
Chinese smartphone maker Xiaomi Corp. is preparing a share sale that will raise at least $10 billion, people familiar with the matter said. The city’s red-hot IPO market usually sees offerings oversubscribed -- sometimes by hundreds of times -- as investors borrow heavily to place orders.