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JunHe LLP

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JunHe Deal丨Working As the Issuer’s Domestic Counsel, JunHe Assists XIAOMI CORPORATION in its Lis

September 2018

On July 9, 2019, XIAOMI CORPORATION (stock code: 1810.HK, “Xiaomi”) was listed on the main board of the Stock Exchange of Hong Kong Ltd. (“HKEX”). 

On July 9, 2019, XIAOMI CORPORATION (stock code: 1810.HK, “Xiaomi”) was listed on the main board of the Stock Exchange of Hong Kong Ltd. (“HKEX”). The issue price was HKD 17 per share, and a total of USD 4.7 billion was raised from the investors. It was the largest private company IPO in the history of Hong Kong, and also the third largest tech company IPO in the world, after Alibaba and Facebook. Xiaomi became the first listed company on the HKEX whose shares of the same type represented different rights. As the issuer’s domestic counsel, JunHe participated in this listing project.

Established in 2010, Xiaomi is a neo Internet company, with mobile phones, intelligent hardware and loT platforms being its core areas of business. Xiaomi insists on providing users with inspiring and affordable products, and focuses on enabling anyone in the world to enjoy the benefit of its technologies. Under the leadership of the founders’ team headed by Mr. Lei Jun, Xiaomi has continued to develop rapidly from the first day of its establishment. It has now become the world’s fourth largest smartphone maker, and has the largest consumer loT platform. By creating the innovative business model “Triathlon”, namely, hardware + neo retail + Internet services, Xiaomi has been at the forefront of the growth in popularity and quality of smartphones in China, and has laid a solid foundation for the ‘Great Leap Forward’ of China’s mobile Internet.     

This Hong Kong IPO project took a mere six months from commencement to its successful listing. This was despite the onerous legal work that was required, as Xiaomi has a wide portfolio of businesses, a complex group structure, and a huge scale of domestic subsidiaries and assets. JunHe, as domestic counsel to Xiaomi, delivered quality, diligent and efficient legal services, including designing the corporate restructuring, conducting due diligence on its domestic entities, issuing Chinese legal opinions, providing detailed explanations and replies to HKEX with respect to its concerns on key issues related to Chinese law, and other legal work in connection with its listing on the HKEX. JunHe provided valuable opinions and advice to Xiaomi with respect to VIE restructuring, business qualifications and compliance, adjustment of offshore shareholding structure and foreign exchange registration, and assisted Xiaomi to eventually obtain HKEX’s approval and consent for listing. JunHe was highly applauded by the client and other intermediate agencies for its steady work attitude and professional competence.    

In this project, the leading partners were Xiao Wei, Shi Tiejun, Li Zhi and Yi Yisong; the responsible partners were Li Zhi and Li Ruochen; the participating partners who provided professional support included Sun Xiaojia, Liu Xin, Cai Li and Zhang Yue.  

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