China-based electronics producer Xiaomi—which is backed by private equity and venture capital fund managers DST Global, Hopu Investment Management, IDG Capital, Matrix Partners, Morningside Ventures, Qiming Venture Partners, Shunwei Capital Partners and Yunfeng Capital—has raised HKD37 billion (approximately US$4.7 billion) through its initial public offering on the Hong Kong Stock Exchange. The company sold 2.18 billion shares at a price of HKD17 (approximately US$2.17) per share. Existing investors did not dispose of any shares in the offering and are subject to a 180-day lock-up period.