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<Research>CMBI: XIAOMI-W (01810.HK) Shr Placement Has Positive Impact on Global Expansion Strategy; Rating Buy
Recommend 41 Positive 119 Negative 59 |
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XIAOMI-W (01810.HK) raised about $42.5 billion by top-up placing of 800 million shares at a price of $53.25 per share, representing a 6.6% discount to yesterday's (24th) closing price, equivalent to 3.2% of its existing issued share capital, according to a research report released by CMBI. CMBI believed that the financing will have a long-term positive impact on XIAOMI-W's global expansion strategy for smartphone, AIoT and EV businesses, which should offset short-term equity dilution concerns. The broker also believed that the financing will support the Group's aggressive business plans this year. If XIAOMI-W's share price declines in the near term, CMBI believed that it will be a good opportunity to accumulate the stock. Therefore, the broker kept rating at Buy, with a target price of $59.52. AAStocks Financial News |
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