Xiaomi Corp. is set to raise about $5.5 billion in an upsized share sale, according to people familiar with the matter, as the company capitalizes on a surge in the Chinese company’s stock price to help raise funds to expand its electric-vehicle business.

China's Xiaomi Corp said on Tuesday it had raised $5.5 billion in an upsized share sale as the company pushes forward with its ambitious electric vehicle manufacturing plans.

Xiaomi’s placement puts Hong Kong on course to have its biggest quarter for share sales since the last quarter of 2021. Read more at straitstimes.com.