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01810 XIAOMI-W
RTNominal up20.450 +0.570 (+2.867%)
Research Report

15/01/2021 16:49

Xiaomi's ample cash, wide investor base buffer US action

[ET Net News Agency, 15 January 2021] S&P Global Ratings today said that Xiaomi Corp.'s
(01810) (BBB-/Stable/--) addition to the US Department of Defense's list of Chinese
military companies won't likely affect the smartphone maker's credit profile.
The credit rating agency said Xiaomi's inclusion on the list means that US investors
will have to unwind their stakes in the company. As a listed company in Hong Kong with a
wide investor base, the impact on Xiaomi's capital market access should be modest.
Additionally, Xiaomi is healthily net cash. In December 2020, the company raised HK$23.7
billion (about RMB20.1 billion) through the issue of new shares and US$855 million (RMB5.6
billion) in convertible bonds. S&P estimated Xiaomi's pro forma adjusted cash and cash
equivalents at more than RMB70 billion, almost double its adjusted gross debt of over
RMB37 billion.
The latest action by the U.S. does increase Xiaomi's geopolitical risks. Nonetheless,
S&P's base case assumes that this won't evolve into a substantive threat to the firm's
supply chain. (KL)

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