{{ languageVal }}
  • English


Maples Advises on Xiaomi's US$4Billion Top-up Funding Placement

18 Dec 2020

Maples and Calder, the Maples Group's law firm, was pleased to act as Cayman Islands counsel to Xiaomi Corporation (the "Guarantor") in relation to its combined issue of US$855million zero coupon guaranteed convertible bonds, due 2027 and convertible into class B ordinary shares of Xiaomi Corporation under general mandate and approximately US$3.1billion subscription of placing of existing shares and top-up subscription of shares under general mandate (together, the "Transactions"). The issuer is Xiaomi Best Time International Limited, a wholly-owned subsidiary of the Guarantor. The Transactions which closed on 17 December 2020, raised approximately US$4 billion in total and is the largest top-up funding placement on record in Hong Kong. 

Xiaomi Corporation is China's second-biggest mobile phone maker, principally engaged in the development and sales of smartphones, internet of things and lifestyle products, provision of internet services, and investment holdings in China as well as globally. It is listed on the HKSE.

A team based in the Group's law firm in Hong Kong acted as Cayman Islands counsel to Xiaomi. The team was led by Partner, Everton Robertson and assisted by Legal Managers, Jessica Zhan and Sarena Gong. 

Commenting on the Transactions, Everton Robertson said, "We are very pleased to have had the privilege of advising Xiaomi on such a significant funding placement. Our Hong Kong office has been involved in a growing number of debt and equity listings on the Hong Kong Stock Exchange which we are pleased to see have continued to increase this year despite the challenging environment."

Skadden Arps Slate Meagher & Flom LLP acted as US and Hong Kong legal counsel to the Guarantor. Linklaters acted as English and Hong Kong legal counsels to the managers, Credit Suisse (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities PLC and Morgan Stanley & Co. International PLC.

Related Services


Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.