小米扩张进行时：欲融资425亿港元，雷军8亿股股份“以旧换新”

Core Viewpoint - Xiaomi is planning to raise approximately HKD 42.5 billion through a share placement involving the sale and subsequent repurchase of 800 million shares by founder Lei Jun, marking one of the largest placements in Hong Kong's history [3][4]. Group 1: Financing Details - The share placement involves Lei Jun selling 800 million shares, representing about 3.2% of Xiaomi's issued share capital, at a price of HKD 53.25, which is a discount of approximately 6.6% from the previous closing price [4][5]. - Following the placement, Lei Jun's ownership will decrease from 24.1% to 23.4%, with his voting rights slightly reduced from 64.9% to 64.1% [5][7]. - This financing method is seen as advantageous for existing shareholders, as it minimizes dilution while allowing the company to raise significant capital [8]. Group 2: Historical Context - This is not Xiaomi's first capital raising through share placement; a similar method was used in December 2020 to raise HKD 23.7 billion [6]. - The previous placement coincided with Xiaomi's announcement of its electric vehicle (EV) plans, indicating a pattern of using capital markets to fund strategic expansions [6]. Group 3: Current Financial Position - As of the end of 2024, Xiaomi's cash and cash equivalents stand at CNY 33.7 billion, showing a slight decrease compared to the previous year, with significant cash outflows related to capital expenditures [7]. - The company has been investing heavily in its smart appliance factory in Wuhan and its second EV factory in Beijing, indicating a focus on expanding its manufacturing capabilities [7]. Group 4: Strategic Expansion - Xiaomi is currently focused on expanding its automotive business, with plans to launch new models and significantly increase production targets for 2025 [9]. - The automotive segment accounted for approximately 8.8% of Xiaomi's total revenue last year, with a notable increase in Q4, although the automotive division is not yet profitable [9]. - The company aims to enhance its overall product portfolio and expand its market presence, including plans to open 5,000 new stores in China and establish around 10,000 stores overseas in the next five years [10].