Chinese smartphone maker Xiaomi filed an application to issue a CDR (Chinese Depositary Receipt) today, June 8th,  with the China Securities Regulatory Commission, local media is reporting. If permitted, Xiaomi could be the first company to issue a CDR.

The Beijing-based smartphone giant filed for a Hong Kong IPO in March this year with a valuation expected to top tens of billion dollars. The implementation of CDR allows domestic investors to hold shares of overseas-listed companies. Xiaomi is expected to be the first company to benefit from the mechanism, which underlines a dual listing of the firm both in Hong Kong and mainland China.

Xiaomi is potentially reserving up to 30% of its new issue for CDR buyers and that would be about $3 billion if the assumptions of the fundraise play out, Reuters citing people with knowledge of the matter.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.