Although Xiaomi Group’s share price has fallen by 43% since the Initial Public Offering (IPO) last year, Russian billionaire and famous investor, Yuri Milner, is still on Xiaomi A 10-digit return list. Milner Apoletto Fund and his investors now hold $1.8 billion worth of shares. The Xiaomi prospectus shows that in the multi-round financing before the company launched the IPO in July last year, Milner invested about $457 million to acquire these shares.
Milner is also an early investor in Facebook and Alibaba Group. Even though the market value of Xiaomi has dropped since the initial IPO listing, the value of his shares held by Xiaomi has tripled. After the 6-month lock-up period of Xiaomi’s stock expired on January 9, some investors began to sell Xiaomi stock, which accelerated the stock price decline.
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According to HKEx documents, Apoletto held 4.99% of Xiaomi’s listed shares on January 9. Last week, about 3.5% of Xiaomi’s listed shares were distributed among Milner investors. Since Apoletto’s shareholding ratio has fallen below the HKEx disclosure requirements, it is not clear whether these investors have sold Xiaomi stock since then. Last week, Xiaomi Chairman Lei Jun and CFO Zhou agreed to extend their stock lock-up period by one year. In the Xiaomi IPO, Lei Jun and the other seven Xiaomi co-founders held a total of $26.3 billion worth of shares. Assuming they have not sold stocks, the value of these shares as of Thursday has fallen to $15.1 billion.