Chinese smartphone maker Xiaomi plans to raise up to $3bn (£2.25) of its $10bn initial public offering (IPO) by selling shares in mainland China, while offering the remaining shares on the Hong Kong stock exchange.
The Beijing-based company had been expected to raise the entirety of the $10bn IP through sales of shares just in Hong Kong.
The IPO is set to be the worlds biggest listing in the last four years and one of the first in under new Chinese rules designed to attract big tech listings.
Read more: Xiaomi looks to raise $10bn for Hong Kong float
Xiaomi is likely to be one of the first overseas-listed Chinese tech companies to launch a second listing in China through newly created Chinese Depositary Receipts (CDRs), a kind of certificate issued by a Chinese custodian bank representing a pool of foreign funds that can be traded on Chinese markets.
The CDR portion is likely to account for up 30 per cent of Xiaomis total fundraising efforts.
The new dual listing plan come as the tech company hopes to get approval from the Hong Kong stock exchange for its IPO in the Asian financial hub later this month, according to Reuters.
Read more: JP Morgan announces plans to set up securities business in China
Xiaomi is hoping for the simultaneous IPO to launch in early or mid-July,
The company had initially planned to raise as much as $200bn, however, the most recent estimates have dropped that number down to somewhere between $70-80bn.
Xiaomi, which launched in 2010, sells low-priced smartphones at small margins, but increasingly, the phone maker has greatly increased the profit it makes from internet services it sells along with the phones.
Last year, the company equalled Samsung as the largest smartphone brand in India, the worlds fastest-growing market for these products.
[contf] [contfnew] 
CityAM
[contfnewc] [contfnewc]
