May 20, 2020

Baidu, Xiaomi prepare to list in China following CDR ruling
Hong Kong
2 min
Baidu, Xiaomi prepare to list in China following CDR ruling

China’s largest internet search engine company,, has announced it is preparing to apply for a Chinese Depository Receipts issuance so it can list on the Shanghai stock exchange as well as in New York.

This marks the first overseas listed company to register back home on China’s A-share market following a change in ruling and the country’s introduction of depository receipts.

Chinese Depository Receipts (CDRs) are modelled after US depository receipts and as such allow overseas stock to be traded on the Shanghai stock exchange, which in turn will open up the Chinese market. A depository receipt is not a share, but involves shares being transferred to a financial body which can sell or exchange them outside their registered country – allowing investors to hold shares listed elsewhere.

See also:

Alibaba, Tencent and Baidu invest in $4.3bn Foxconn Industrial Internet IPO

Key areas for western investors as China ‘opens for business’

Chinese car sales platform Youxin issues $500mn US IPO

The China Securities Regulatory Commission (CSRC) just issued its trial rules for the issuance and trading of CDRs this week, which currently only apply to companies in high-tech industries and others deemed strategically important by the Chinese government. This follows China having missed out on the listing of some of its greatest tech companies, such as Alibaba and Baidu, which chose to list in the US due to different rules particularly around dual-class shares.

Alibaba and are also said to be considering filing for CDR issuances, and Xiaomi is planning to issue CDRs on the Shanghai stock exchange at the same time as it makes its debut on the Hong Kong stock exchange this year, in an IPO it has already filed for.

Today, Xiaomi announced plans to issue securities on the mainland Chinese market as well as in Hong Kong as part of a trial programme. Its much-anticipated IPO is set to raise $10bn leaving the company valued at $100bn.

Xiaomi has stated it will spend 40% of the funds it raises through CDRs on global expansion and the rest on developing its products and mobile internet ecosystem. 

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 


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