"Xiaomi" seeks to invest in electric cars.

Xiaomi plans to sell shares in the market worth $5.3 billion, benefiting from the rise in its stock price to raise funds for expanding its electric car business. The company, based in Beijing, is offering to sell 750 million shares at a price ranging between $52.80 and $54.60 Hong Kong dollars per share, representing a discount of 4.2% to 7.4% compared to the stock's latest closing in Hong Kong. Xiaomi heavily invests in its emerging electric car business to drive growth, recently raising its target to deliver electric cars by 2025 after recording its fastest revenue growth since 2021. As part of its production expansion efforts, the company is working on enlarging its second planned electric car factory in the Chinese capital. Billionaire co-founder Lei Jun stated in 2021 that the company plans to invest $10 billion over the next decade in electric cars.