Smartphone Maker Xiaomi Denies Cryptocurrency Shares Selling

Chinese smartphone maker Xiaomi is launching its IPO in Hong Kong. The trading in Xiaomi shares on the Hong Kong stock exchange is expected to commence on 9 July 2018. Recently, Blackmoon, a Cyprus-based crypto company, claimed it offering tokenized shares of Xiaomi. However, Xiaomi has denied all the connections with this company and clear that, any token sale is out of its scope of operation.

In the past two years, the cryptocurrencies represented by bitcoin have swept across the world, more and more people have joined the wave of crypto investment. In the meantime , some merchants, including Starbucks, have begun to accept payment in bitcoin.

Some cryptocurrency companies are prepared to make the connection between this special currency, the capital market and the traditional financial system.

Of late, Xiaomi’s IPO has attracted people’s attention world widely. According to the South China Morning Post, Blockmoon is about to provide a token called BMxXMI, which is “referenced by the shares of the Xiaomi Corporation.” The payment options include bitcoin (BTC), ether (ETH), or litecoin (LTC), investors may use these cryptocurrencies to subscribe the smartphone giant’s $4.7 billion IPO.

In order to prevent a pump and dump, Blackmoon has instilled a “lock-in period” of 93 days after listing of Xiaomi’s shares.

Oleg Seydak, CEO of Blackmoon stated that, “many people said they are interested in participating in the IPO through tokens,” so they offers the crypto investment option for those investors that may not have easy access to Xiaomi’s IPO.

Blackmoon’s COO Sergey Vasin indicated that, majority of the token buyers are from France, Germany and England, BMxXMI is available for investors across the world except for mainland China and Hong Kong market due to the regulatory issue.

However, Xiaomi has denied all connections of Blackmoon and knowledge of the ICO scheme. In addition, the so-called stock tokens are not included in Xiaomi’s current work plan.

Xiaomi’s IPO was priced on Friday at 17 Hong Kong dollars ($2.17) per share, with raising $4.7 billion. It had earlier set a range of HK$17 to HK$22 for the approximately 2.18 billion shares on offer, cutting its valuation to about $54 billion which is roughly half of the $100 billion initial goal.

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