Xiaomi Corporation released its Monthly Return for March 2026, detailing a sizeable contraction in its weighted voting right (WVR) share base driven by buy-backs and the planned conversion of Class A to Class B shares.
Key share capital movements • Authorised capital remained unchanged at USD 675,000, covering 270 billion WVR ordinary shares (200 billion Class B; 70 billion Class A). • Issued Class B shares fell by 174.18 million to 21.46 billion, while issued Class A shares dropped 37.16 million to 4.47 billion. • Public float continued to meet the Main Board’s 25% minimum requirement despite the reductions.
Drivers of the net decrease • Share repurchase and cancellation: 215.33 million Class B shares bought back between 20 Nov 2025 and 20 Feb 2026 were cancelled on 19 Mar 2026. • Additional 51.80 million Class B shares were repurchased for future cancellation and remained in treasury at month-end. • To preserve WVR ratios after cancellations, 37.16 million Class A shares converted to Class B on 19 Mar 2026, reducing the Class A share count correspondingly. • Offsetting inflows came from 3.01 million new Class B shares issued via option exercises, generating USD 0.78 million in proceeds, and 0.98 million shares issued as the final tranche of consideration shares for an August 2021 acquisition agreement.
Equity incentive activity • Outstanding options under the Pre-IPO scheme declined to 142.62 million following the month’s 3.01 million exercises. • Post-IPO and 2023 Share Schemes remain unchanged at 115.70 million and 1.93 billion unexercised options, respectively.
Convertible bonds • USD 797.60 million zero-coupon guaranteed convertible bonds due 2027 were unchanged; full conversion would add up to 168.31 million Class B shares at HKD 36.74 per share.
Overall, Xiaomi’s proactive share repurchase programme and WVR maintenance actions resulted in a net reduction of outstanding shares during March 2026, while the company affirmed compliance with Hong Kong’s public-float rules.
Comments