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Euromoney, June 2018

The forthcoming IPO of Xiaomi Corporation – China’s Apple, if you must – is the talk of Hong Kong because it is the first dual-class listing to be allowed on the city’s exchange, but it also serves as a reminder of the inherent ludicrousness of the draft prospectus.

The idea of these brochures is to serve as a guide to the business that is heading for IPO, while cunningly redacting absolutely any reference to there being an IPO.

Thus you end up with a gem like this: “You should read the entire [REDACTED] before you decide to [REDACTED] in the [REDACTED].”

We get why you can’t put in dates and amounts. But surely, when one lodges a draft prospectus with a stock exchange, the cat is out of the bag that you might be hoping to list on it.  Euromoney finds the whole thing a bit [REDACTED].

Full article: https://www.euromoney.com/article/b18jcvm3mkxcq1/xiaomi-shows-the-redacted-of-redacted?copyrightInfo=true

Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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