筹资约425亿港元、小米8亿股配售已完成！

Core Viewpoint - Xiaomi Group successfully completed a share placement plan, raising approximately HKD 42.5 billion by issuing 800 million shares at a price of HKD 53.25 per share, which is a discount of about 6.6% from the previous trading day's closing price [1][4][6]. Fundraising Details - The total number of shares placed was 800 million, with a net fundraising amount of approximately HKD 42.5 billion [3][6]. - The placement was completed on March 27, 2025, and the shares were successfully allocated to at least six independent third-party subscribers [4][6]. Shareholding Structure - Prior to the placement, founder Lei Jun held approximately 60.54 million shares, representing 24.1% of the company. After the placement, his shareholding decreased to 23.4%, while the new subscribers hold 3.1% of the shares, and other shareholders now hold 73.6% [6]. Use of Proceeds - The net proceeds from the placement will primarily be used to accelerate business expansion, invest in research and development, and for other general corporate purposes [7]. Financial Performance - In the recently released annual report, Xiaomi Group reported a revenue of CNY 365.9 billion for 2024, a year-on-year increase of 35.04%, and an adjusted net profit of CNY 27.2 billion, up 41.31% [9]. - The company's R&D expenditure reached CNY 24.05 billion in 2024, reflecting a year-on-year growth of 25.9% [9]. Future R&D Investments - Xiaomi Group plans to invest over CNY 100 billion in R&D from 2021 to 2025, with an expected investment of over CNY 30 billion in 2025, of which one-quarter will be allocated to AI-related research [10]. - The company aims to enhance its core technology capabilities through investments in AI infrastructure and applications across its product lines, including smartphones, smart homes, and electric vehicles [10]. Strategic Goals - Xiaomi Group has set three strategic goals for the next five years: to expand from high-end to ultra-high-end products, to diversify its product range beyond smartphones and cars, and to grow its international presence [10]. - The company has already initiated its international new retail business, with the opening of its first direct store in Japan [10]. Long-term Growth Potential - Analysts believe that Xiaomi Group's established user base and supply chain advantages, along with its high-end smartphone strategy and expanding AIoT product matrix, position the company for long-term growth [11].