China's Xiaomi Corp announced that it successfully raised $5.5 billion through a larger-than-planned share sale to support its expansion efforts. The company sold 800 million shares at HK$53.25 each, surpassing its initial target of 750 million shares. Despite the final price falling at the lower end of the expected range of HK$52.80 to HK$54.60, it was at a 6.6% discount to Xiaomi's closing stock price of HK$57 on Monday. Xiaomi, known as the world's third-largest smartphone manufacturer, ventured into electric vehicle production last year.