Xiaomi has commenced a share sale to raise as much as US$5.3 billion.
The Beijing-based technology company is offering 750 million Class B shares priced between HK$52.80 and HK$54.60 each.
The pricing represents a discount of 4.2% to 7.4% compared to the stock's previous closing price in Hong Kong.
The funds will be used for business expansion, research and development, and general corporate purposes, according to the term sheet.
Investor demand met the size of the offering by Monday evening in Hong Kong, sources told Bloomberg.
This fundraising effort comes after BYD's recent US$5.6 billion capital raise, signalling a strong market appetite for investments in Chinese EV manufacturers.
Xiaomi’s Hong Kong-listed shares added 4.2% at HK$57 on Monday.