On April 24, 2018，the Hong Kong Stock Exchange issued a new IPO regulation that allows dual-equity companies to go public and allows unprofitable biotech companies to go public in Hong Kong. This reform is regarded by market participants as the most significant reform of the listing system in the past 25 years. As the main point of this IPO reform, the same share with different rights have become the focus of attention. The HKEx is a major global exchange group. 

    “ Same share with different rights”，also known as "Dual-Class share struture", refers to the common stock structure that contains two or more types of voting rights in the capital structure. The same shares with different rights as "AB share structure". Class B shares are generally held by management which management generally is a founding shareholder and its team. Class A shares are generally held by peripheral shareholders, Such shareholders are optimistic about the company's prospects, so they are willing to sacrifice certain voting rights as a shareholding chip.

This structure is conducive to the direct use of equity financing by growth companies, at the same time, it can avoid excessive dilution of equity. At the same time, it can avoid excessive dilution of equity, and the founding team retains the company's right to speak and ensure that such growth companies can develop steadily. Similar to Baidu, Ali, Jingdong, there are all "AB share structure."

 Under the new listing mechanism in Hong Kong, the first new economy stock with the same rights and different rights – Xiaomi (01810-HK) will be listed on the Hong Kong Stock Exchange on July 9. The Economic Observer reporter was further informed that the five publishers had launched a total of 18 warrants on June 29 and planned to start trading on the same day as Xiaomi’s listing.

The announcement also stated that Xiaomi shares will be included in the list of approved short-selling designated securities from the listing date on July 9. Investors in the industry according to the previous offer price of 17-22 Hong Kong dollars, plus the position limit of Xiaomi Group stock futures and options, estimated that the number of shares offered by Xiaomi Global is approximately 2.18 billion shares, and its financing amount may be further reduced to approximately HK$37.1 billion.

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