Xiaomi gets Hong Kong stock exchange approval for IPO; to raise over $10 bn

Xiaomi could also become the first firm to issue Chinese depositary receipts

Xiaomi Corp. has won Hong Kong stock exchange approval for its planned initial public offering, which would be the first listing in the city with weighted voting rights, people with knowledge of the matter said.

The smartphone maker passed its so-called listing hearing on Thursday, said the people, who asked not to be identified because the information is private. Xiaomi plans to start gauging investor demand in the next few days, one of the people said.

Xiaomi is one of the most hotly anticipated Hong Kong deals