XIAOMI's decision to sell more of its IPO to onshore Chinese investors than previously planned has underlined the regulator's influence on the inaugural issue of Chinese depositary receipts. Xiaomi said in its latest filing last Thursday that the CDR tranche will account for at least 50% of its proposed dual listing in Shanghai and Hong Kong and at least 7% of its enlarged capital. The company is going with a bigger CDR tranche after receiving guidance from the China Securities Regulatory Commission, according to people familiar with the situation.
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