Xiaomi looks to sell shares worth $5.3 billion to fuel EV expansion

Xiaomi Corp. kicked off a share sale that may fetch as much as $5.3 billion, capitalizing on a surge in the Chinese company’s stock price to help raise funds to expand its electric-vehicle business.

The Beijing-based company is offering 750 million shares at HK$52.80 to HK$54.60 apiece, according to terms of the deal seen by Bloomberg. That’s a discount of 4.2% to 7.4% versus the stock’s last close in Hong Kong.

The offering, which comes weeks after EV giant BYD Co.’s $5.6 billion fundraising, builds on what’s shaping up to be a bumper year…