Xiaomi defers mainland IPO plan

Technology titan Xiaomi has postponed its application for a China depository receipts offering, while the domestic A-share market has seen a continued downturn in the past few days.

The Beijing-based smartphone vendor has applied to the China Securities Regulatory Commission to suspend the review of the issuance, as it plans to complete a separate initial public offering in Hong Kong first and then "pick a time" to issue CDRs, the company said in a statement on Tuesday via microblogging platform Sina Weibo. It did not give a reason for the postponement.

The CSRC said in a separate statement that it has canceled the review of Xiaomi's CDR application scheduled for Tuesday.