Ogier advises on All-Stars’ investment in Xiaomi

Ogier has advised All-Stars’ investment in Xiaomi Corporation.

Ogier partner Nicholas Plowman, with senior associate Richard Bennett in the firm’s Hong Kong office, acted as British Virgin Islands counsel to All-Stars Investment Cayman Limited in relation to the establishment and offering of All-Stars XMI Limited as a private equity fund raising vehicle investing in a $1.1 bn capital raising by Xiaomi Corporation by way of series F financing.

The $1bn of investment marked China’s largest TMT deal of 2014 and the largest ever private placement of a China-based technology company. As a result of this financing, Xiaomi is now the highest valued technology start-up in the world, valued at $46bn.

The deal has also opened the door to other large scale Asia-based mega technology deals without the need for public listings. Before, Chinese technology companies were forced to list on public stock exchanges prematurely (or even unnecessarily) as it was impossible for them to access over $500m.