Xiaomi Corp. said it hasn’t set a timeframe to revive an offering of Chinese depository shares, a delay that could hurt China’s ambitions to lure its tech giants to list in the domestic market.
The Chinese phone maker had no dispute with China Securities Regulatory Commission on the proposed listing, Chief Financial Officer Chew Shou Zi said at a briefing on Saturday, two days before the company starts a retail stock offering for its Hong Kong share sale. The initial public offering is set to be the world’s biggest in nearly two years.
Xiaomi decided this week to postpone a listing in Shanghai. The abrupt withdrawal from the plan to tap mainland investors reduced its overall fundraising goal, and dealt a setback to China’s plan to compete with Hong Kong and New York for the world’s biggest IPOs.
“We have decided to first list in Hong Kong and later list CDR at a right time in order…