Viral Swing: China's Xiaomi announces pioneering listing plan

Smartphone maker Xiaomi on Monday became the first Chinese company to announce plans to issue securities on mainland China markets under a trial programme aimed at encouraging the country's tech giants to list at home. Xiaomi, one of the world's largest smartphone manufacturers that is planning a primary listing in Hong Kong, said in a regulatory filing that it will also issue Chinese Depositary Receipts (CDR) on the Shanghai Stock Exchange. After watching technology heavyweights Alibaba and Baidu list on Wall Street, Chinese authorities have devised a programme under which companies listed outside the country can simultaneously list CDRs at home.