After pursuing the victory and completing its first car-making annual financial report, Xiaomi launched a new round of financing - an official placement to raise approximately 39.6 billion yuan. Xiaomi Group issued an announcement on the Hong Kong Stock Exchange, placing funds at a discount of approximately 6.58%, and explained the use of funds. Lei Jun’s latest shareholding ratio was immediately exposed.


It is worth noting that this is the second leading player in the industry to raise funds in just 21 days. In early March, BYD also announced a placement to raise funds, with the amount raised being approximately 40.5 billion yuan, which is similar to the scale of Xiaomi’s current fundraising.

In Xiaomi's annual report conference call, even though the outside world seemed to be "profitable" in its automotive business, Xiaomi's presidentLu Weibing still emphasized that investment in smart driving and AI will be further increased.

No, the additional capital raising is coming.

Xiaomi raises 39.5 billion yuan from placement, Lei Jun’s latest shareholding ratio exposed

Just now, Xiaomi Group(hereinafter referred to as Xiaomi) announced on the Hong Kong Stock Exchange that it plans to place800 million existing shares, accounting for approximately 3.2% of the existing issued share capital.

The placing price is per shareThe placement price is HK$53.25, compared with the previous day's closing price of HK$57.The discount is approximately 6.58%.


The announcement estimates that the net fundraising amount is approximately42.5 billion Hong Kong dollars, equivalent to approximately RMB39.597 billion yuan.

In fact, there were market rumors yesterday that Xiaomi would place 750 million shares at a price of HK$52.8-54.6 per share, raising a maximum of approximately 38.5 billion yuan.

The placement price is right within the rumored range.

Previous financial reports stated that Xiaomi’s cash reserves have reached 175.1 billion yuan. What is the reason for this placement?

The announcement revealed that there are three main purposes for raising funds:

Accelerate business expansion

R&D investment

Other general corporate purposes


The announcement also simultaneously exposed Lei Jun’s shareholding ratio.

The announcement shows that Lei Jun previously heldThe proportion of Class A shares is approximately 24.1%, and the shareholding ratio after the placement is23.4%, its voting rights exercised by holding shares changed from 64.9% to64.1%.

According to this ratio, the latest value of Xiaomi shares held by Lei Jun reached RMB 298.893 billion based on the placement price.


Xiaomi's latest move is also a common trend in the industry to strategize and raise funds for intelligence.

Leading car companies have successively raised funds

It is worth noting that in early March, BYD also officially announced that it planned to raise funds through a placement.

On March 4, BYD announced that it would place 129.8 million shares at a price of HK$335.2 per share, a discount of approximately 7.8% from the previous day's closing price.

The total proceeds from the placement are approx.43.5 billion Hong Kong dollars, equivalent to approximately RMB40.5 billion yuan.

This is the largest equity refinancing project in the global automotive industry in ten years.


BYD stated in the announcement,The proceeds are intended to be used for research and development investment, overseas business development and supplementing working capital and general corporate purposes.

Based on Xiaomi’s announcement, there are similarities and differences in the uses of both parties:

Both mentioned R&D purposes, with BYD specifically mentioningDevelopment of overseas business.

In recent years, BYD has accelerated its overseas expansion, and its overseas market sales in 2024 will reach417,000 vehicles, a year-on-year increase of 72%, an increase of nearly 8 times compared with 2022, and the speed will continue to increase this year.


Xiaomi previously stated that its automotive business is preparing to go overseas in 2027.

According to the latest market value rankings, Xiaomi and BYD are the top two Chinese car companies. One is a rising star, and the other is a new king who has reached the top for the first time.

Within 21 days, both parties simultaneously announced the placement of funds and re-investment in research and development. The fierce competition in the industry is evident, and the industry leaders took the lead in taking action.

It’s hard to say whether 2025 will be the first year of L3 commercialization, but it will definitely be the year when smart driving enters hand-to-hand combat.

After this year, products and players that do not have competitiveness in high-end smart driving have almost lost proof of their technological advancement.

A new round of eliminations has begun.

Xiaomi announcement portal:

https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0325/2025032500008_c.pdf