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Report: Xiaomi earns IPO approval from Hong Kong bourse, files for China listing

Xiaomi Corp. has won Hong Kong stock exchange approval for its $10 billion IPO, Bloomberg News reported, citing people close to the matter.

The Beijing-based smartphone maker passed a June 7 listing hearing, Bloomberg said.

Xiaomi filed an application in May for what is pegged to be the biggest listing in 2018. It is expected to raise at least $10 billion with the company discussing a possible valuation of between $60 billion and $70 billion.

The smartphone marker has also reportedly filed for a listing on a mainland exchange and will make its Chinese depositary receipts, or CDRs, accessible to local investors around July 9, the South China Morning Post reported.

The company has applied to be part of a pilot program that allows domestic investors in China to buy shares in overseas listed firms. The China Securities Regulatory Commission plans to publish the application on its website shortly, according to the report.

News of the listing comes after China's securities regulator said it will allow foreign-listed Chinese companies to raise funds in the domestic market, providing local investors access to U.S.-listed firms.

Xiaomi is planning to raise $3 billion in CDRs and offer the remainder to Hong Kong investors instead of raising $10 billion from an IPO of shares in Hong Kong only, Reuters reported June 4.