Welcome to this week's newsletter. In the past week, we have witnessed Xiaomi's IPO, several new releases and some exciting collaborations among giants.
According to the Stock Exchange of Hong Kong Limited (SEHK) today, Xiaomi has officially submitted their IPO application documents. Xiaomi is expected to become the first company listed in the Stock Exchange of Hong Kong Limited with a dual-class share structure.
On April 28, Leijun, CEO of Xiaomi Inc. published an internal letter stating that Zhou Guangping and Huang Jiangji, two co-founders of Xiaomi, have resigned from their positions. According to the letter, the two co-founders “chose a new way of life” for personal reasons and decided to resign from their duties in the company.
According to Hong Kong Economic Times, Xiaomi is expected to become one of Hong Kong's first listed companies featuring “same shares with different rights”, and will submit application for going listed in Hong Kong as early as the beginning of May.
"Now DJI is too popular," says one of the investors involved in this round of DJI financing. DJI has recently released the bidding results for the initial round of its new round of financing.
"I just saw the headlines saying that iQIYI has fought through bitter years, and I want to tell our friends at the press that it wasn't bitter for us," said a host from iQIYI Innovation Building in Beijing on March 29.
On March 29, iQIYI became officially listed on NASDAQ with the ticker symbol IQ. At $18 per share, it has raised a total of $2.25 billion.
A well-known ACG (Animation, Comic and game) Danmaku website Bilibili.com was listed on NASDAQ, bringing pressure on its competitor, AcFun. The success of the video platform embodies the blossom of generation Z and ACGN culture in China.
On March 14, video website iQIYI, which previously announced its U.S.-based listing, set terms for its listing on Nasdaq by the end of March with the ticker symbol "IQ".
On March 5, National People's Congress (NPC) representative Lei Jun said in an interview that the dual-class shares implemented in the Hong Kong Stock Exchange is favorable towards internet companies, and thus technology innovators are likely to list their companies in Hong Kong.
Xiaomi is currently preparing for its much-anticipated IPO, and the company will start selling smartphone products in the U.S. as early as this year.
On February 28, the media reported that NIO has hired eight banks, including Morgan Stanley and Goldman Sachs, to prepare for its planned listing in U.S. this year. The IPO is expected to raise up to $2 billion USD.
On March 2, Bilibili submitted an IPO application (FORM F-1) to the U.S. Securities and Exchange Commission (SEC). Bilibili plans to list in the U.S. under the symbol "BILI" and aims to raise $400 million.
Baidu released their Q4 2017 and full year 2017 financial reports today. According to the reports, iQIYI had applied for listing to the U.S. Securities and Exchange Commission, and Baidu will remain iQIYI's top shareholder post-listing.
Financial Times reported that Ant Financial is planning to raise $5 billion in a new funding round.