Xiaomi has mothballed its planned listing of what would have been China's trailblazing China Depositary Receipts. The smartphone maker had planned to raise $5bn through the instruments, which are designed to allow mainland investors exposure to overseas-listed shares.
The China Securities Regulatory Commission said in a statement published on Tuesday morning that Xiaomi had asked to delay the issuance, which had been set to become among the first batches to hit the mainland Chinese market. The regulator said it had cancelled Xiaomi's current application in accordance with the company's request.
Xiaomi did not specify why it postponed the issue, although it posted an image of its application for the postponement, dated Monday, to its official Weibo account on Tuesday morning.