Xiaomi Raises $5.5 Billion in Upsized Hong Kong Share Sale

Xiaomi Corp. raised about $5.5 billion in an upsized share sale, as the Chinese tech firm capitalizes on a surge in its stock price to help raise funds to expand its electric-vehicle business.

The offering, which comes weeks after EV giant BYD Co.’s $5.6 billion fundraising, builds on what’s shaping up to be a bumper year for share sales in Hong Kong. After several years of declines, the city’s benchmark stock index is among the world’s best performers this year, fueling optimism for a rebound in deals in the Asian financial hub.

Beijing-based Xiaomi placed 800 million shares ...