Smartphone maker Xiaomi said it has not authorized and has no connections to an initial coin offering scheme that is selling a token which is said to peg to Xiaomi’s stock price in its upcoming initial public offering.
The Chinese smartphone maker is currently scheduled to go public on the main board of the Hong Kong Stock Exchange on July 9. Aiming to raise $4.7 billion, Xiaomi’s IPO is seen as one of the most notable public offerings in Hong Kong this year. And the anticipated IPO appears to have drawn interests from at least one company in the cryptocurrency space.
A Cyprus-based blockchain investment firm called Blackmoon announced on June 22 that it is offering a token called BMxXMI, whose price will be pegged to Xiaomi’s stock price following its IPO on a dollar-for-dollar basis.
However, according to a report from the South China Morning Post on Tuesday, Xiaomi stated it has no knowledge of the scheme at all and did not approve or endorse the token offering project.
According to Blackmoon’s website, by contributing to the ICO with bitcoin, ethereum and litecoin, investors will be able to get exposure to Xiaomi’s stock performance without having to directly own the underlying equity.
Blackmoon said it will convert the proceeds raised from the ICO into fiat currencies and transfer to its brokers, who will subsequently purchase Xiaomi’s stocks from the secondary market on investors’ behalf.
After an initial 93-day lock-up period, the company said investors holding BMxXMI could sell the token through brokers again who would execute sell orders of the stocks on the exchange.
However, Blackmoon has not disclosed details of the brokers who reportedly will act on investors’ behalf such as their names and whether they are licensed broker and dealer to participate in the Hong Kong financial market.
In an email response to CoinDesk, the company declined to disclose details of its banking and broker partners citing confidentiality agreements, but stated its offering is “aligned with the requirements of the jurisdictions in question, ” including the firm’s ability to participate in Xiaomi’s IPO and to distribute the tokens.
Xiaomi image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
I am typically to blogging and i really respect your content. The article has really peaks my interest. I am going to bookmark your web site and keep checking for brand new information.
腸胃敏感有可能是病徵！飯後易肚脹腹瀉應戒乳酪麵包 Marie Claire (HK) Edition 食材處理不當，吃壞肚子在所難免，但假若腹脹、腹瀉和腹痛情況持續頻密和持續，有可能不只是腸胃敏感「食錯嘢」那麼簡單。都市人生活壓力大，飲食習慣不良，越來越多人因腹脹、腹痛及腹瀉而需要求診，但很多時候不是
台南微整形-南臺灣醫美資訊: 整形掀後宮熱 甄嬛高挺鼻受歡迎 就愛甄嬛傳 整形變臉一圓嬪妃夢 若曦臉甄嬛鼻 整型診所發後宮財 台南微整形-南臺灣醫美資訊: 整形掀後宮熱 甄嬛高挺鼻受歡迎 就愛甄嬛傳 整形變臉一圓嬪妃夢 若曦臉甄嬛鼻 整型診所發後宮財
Mauricio Pochettino insists he has no immediate plans to recall centre-half Cameron Carter-Vickers from his loan spell at Sheffield United next month as cover. Mauricio Pochettino has no plans to recall Cameron Carter-Vickers from loan as Tottenham boss seeks ‘best solution’ to lack of cover in defence
Lampard is one of the finest English midfield players of his generation, but he is also six months away from his 35th birthday. In football terms he is in bus-pass territory. Let’s be Frank… Chelsea have every right to pension off Lampard
With the English domestic season now over following the FA Cup final, teams across the country will be looking to rebuild for the 2015-16 season. Transfer News LATEST: Morgan Schneiderlin, Radamel Falcao and more
… [Trackback]
[…] Here you will find 60567 additional Information to that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Information to that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Read More on on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Find More to that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] There you can find 62627 additional Info on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Find More here on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Here you will find 20801 more Info on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Read More on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Here you will find 80412 more Info on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Read More Info here to that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Read More Info here to that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Find More on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]
… [Trackback]
[…] Information on that Topic: tradingbtc.com/2018/07/03/smartphone-giant-xiaomi-disavows-ico-token-pegged-to-its-stock/ […]