Chinese smartphone maker Xiaomi raises $3.9 billion in equity deal – term sheet

HONG KONG (Reuters) – Chinese smartphone maker Xiaomi Corp has raised $3.91 billion as part of a deal that includes Hong Kong’s largest top-up placement, according to a term sheet seen by Reuters.

FILE PHOTO: People are silhouetted in front of Xiaomi’s logo at a venue in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Potential investors have been told the price should be HK$23.70 for the 1 billion shares that are being sold down in the deal, the term sheet showed.

The price is at the lower end of the range flagged by the company on Tuesday when it said the deal would be between HK$23.70 and HK$24.50.

At HK$23.70, the placement would raise $3.06 billion.

A convertible bond deal to raise $855 million was also finalised Wednesday, according to the term sheet, to take Xiaomi’s total raising to $3.91 billion.

Xiaomi’s deal is the largest top-up placement in Hong

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SK Telecom and Amazon enter equity deal for ecommerce boost

SK Telecom and Amazon said on Monday that they have entered into an equity participation agreement to collaborate on the growth of the carrier’s ecommerce business.

Under the deal, Amazon products will become available on 11th Street, an online shopping subsidiary under SK Telecom.

The US ecommerce giant will also get preemptive rights over shares of 11th Street, dependent on business performance. The precise terms of the deal have not been revealed.

Amazon and 11th Street will announce the specifics of their new collaborative service at a later date when they are ready, SK Telecom said.

The telco added it hopes to grow 11th Street into a global distribution hub platform that can also help South Korean sellers reach the global market.

Meanwhile, Amazon said 11th Street shared its “customer obsession” and expected the collaboration to offer a differentiated experience for South Korean consumers.

The deal between the US ecommerce

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Why AI can’t move forward without diversity, equity, and inclusion

The need to pursue racial justice is more urgent than ever, especially in the technology industry. The far-reaching scope and power of machine learning (ML) and artificial intelligence (AI) means that any gender and racial bias at the source is multiplied to the nth power in businesses and out in the world. The impact those technology biases have on society as a whole can’t be underestimated.

When decision-makers in tech companies simply don’t reflect the diversity of the general population, it profoundly affects how AI/ML products are conceived, developed, and implemented. Evolve, presented by VentureBeat on December 8th, is a 90-minute event exploring bias, racism, and the lack of diversity across AI product development and management, and why these issues can’t be ignored.

“A lot has been happening in 2020, from working remotely to the Black Lives Matter movement, and that has made everybody realize that diversity, equity, and

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