China's Xiaomi Corp said on Tuesday it had raised $5.5 billion in an upsized share sale as the company pushes forward with its ambitious electric vehicle manufacturing plans. The company sold 800 million shares at HK$53.

Xiaomi Corp. is set to raise about $5.5 billion in an upsized share sale, according to people familiar with the matter, as the company capitalizes on a surge in the Chinese company’s stock price to help raise funds to expand its electric-vehicle business.

According to reports, Xiaomi Corp. is poised to inject a substantial $5.5 billion into its ambitious electric vehicle (EV) program through an upsized share sale