Chinese smartphone maker Xiaomi Corp. filed plans with regulators to conduct a large portion of its initial public offering in Shanghai—which could help it earn a higher market valuation when it lists.
In a filing with China’s stock market regulator Thursday, Xiaomi said at least 50% of the shares it is selling will be aimed at domestic investors, who can buy financial instruments called Chinese Depositary Receipts. The newly issued Chinese securities will make up at least 7% of Xiaomi’s total share capital, the company said.
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