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As the first issuer to take advantage of Hong Kong's new rules on dual-class shares, Xiaomi's IPO price is on the low end of the expected range — HK to HK — it had earlier set, which makes its initial aim of raising billion, as earlier reported unmet. The valuation of the company after listing will be far below 0 billion, CNBC reported.

As the new country coordinator for ASEAN-China dialogue relations, the Philippines will keep promoting the negotiation of the code of conduct in the South China Sea to achieve more positive progress, said Manalo.

As per the report, China's official manufacturing purchasing managers' index (PMI) rose to a three-month high of 50.9 in June which analysts had expected to drop to 50.4 from 50.6 in May. Bloomberg, meanwhile, reported that China's non-manufacturing PMI rose to 54.4.

As stated in the response, representatives of the company hope to tap into the Chinese market, stating they were hopeful the People's Bank of China was able to approve the application.

As the new courts and procedures have been rolled out, the nation's judges have witnessed the changes and have become part of the reform process.