HONG KONG, March 25 -- Xiaomi Corp. has raised about US$5.5 billion (RM24.4 billion) in an upsized share sale as it capitalizes on a surge in its stock price to fund its electric vehicle (EV) expansion.

According to Bloomberg, the Chinese tech firm placed 800 million shares at HK$53.25 each, marking a 6.6 per cent discount to its last closing price.

The fundraising follows a similar US$5.6 billion move by EV giant BYD Co, reflecting growing investor confidence in Hong Kong's stock market.

Xiaomi's stock has more than tripled since August, making it the best performer on the Hang Seng Index this year.

The company plans to use the proceeds to accelerate business expansion and invest in research and development for advanced technologies....