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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FCC Chairman Ajit Pai, who killed net neutrality, will step down after Trump term ends

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Ajit Pai, chairman of the FCC, will finish up in January.


Mark Licea/CNET

Ajit Pai, chairman of the Federal Communications Commission, will step down Jan. 20, the agency said in a release Monday. He was appointed by President Donald Trump, who took office in 2017, and will leave on the day Trump’s successor, Joe Biden, is inaugurated.

“It has been the honor of a lifetime to serve at the Federal Communications Commission, including as chairman of the FCC over the past four years,” Pai said in the release. “I am grateful to President Trump for giving me the opportunity to lead the agency in 2017, to President Obama for appointing me as a Commissioner in 2012, and to Senate Majority Leader McConnell and the Senate for twice confirming me. To be the first Asian American to chair the FCC has been a particular privilege. As I often say: only in

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Down 15% YTD, CME Group Stock Can Recover In The Near Term

After a meager rise of 21% since the March bottom, at the current price near $169 per share, we believe CME Group stock (NASDAQ: CME) has more to go based on its historic P/E multiples. CME stock has increased from $140 to $169 off the recent bottom compared to the S&P 500 which increased almost 60%. The stock has underperformed the broader market and is down 16% YTD. This is because investors are concerned about the decline in its Q2 and Q3 revenues – the top-line has dropped 11% to a consolidated figure of $2.26 billion for the last 2 quarters, as compared to the figure of $2.55 billion a year ago. On a similar note, earnings

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