List of Xiaomi’s cornerstone investors contains only one foreign firm

Updated 13:10, 21 June 2018: Qualcomm is now the sole foreign company on the list of cornerstone investors. The article and its headline have been amended to reflect this development.  

Chinese smartphone manufacturer Xiaomi’s cornerstone investor list has been released ahead of its Hong Kong IPO. The roll contains only one foreign firm, highlighting a disparity between the views of foreign and local firms about the company’s valuation.

Investors on the list include US-based chipmaker Qualcomm, the asset management businesses of Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, and China Everbright, as well as Poly Group and Shanghai Municipal Investment Group. The IPO is said to be worth between $65 billion and $80 billion.

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