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Latham Advises on Xiaomi’s HK$42.6 Billion (Approximately US$5.47 Billion) Top-Up Placement

April 2, 2025
Asia team represents placing agents in Hong Kong’s largest equity financing in the technology sector since 2022.

Latham & Watkins has advised Goldman Sachs, J.P. Morgan, and China International Capital Corporation as placing agents on the top-up placement of Xiaomi’s existing shares on The Stock Exchange of Hong Kong (SEHK). Xiaomi is a consumer electronics and smart manufacturing company headquartered in Beijing, China.

The total value of the subscription shares is HK$42.6 billion (approximately US$5.47 billion). The transaction represents the largest equity financing project in the global technology sector year to date, and the largest in Hong Kong’s technology sector over the past three years.

The Latham team was led by Hong Kong corporate partners Benjamin Su, Daying Zhang, and Terris Tang, with counsel Eric Yiu and associates Chimmy Tao, Alex Lai, and Marie Lim, and foreign legal consultant Jenny Zhang. Advice was also provided on regulatory matters by Washington, D.C. partner James Barker and counsel Catherine Hein, with support from Hong Kong counsel Eric Yiu and Boston associate Christine Kalpin.

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