Xiaomi, one of the world's leading smartphone makers, is hoping to raise more than $6 billion by selling shares for a stock market listing in Hong Kong next month.

Xiaomi set the price of its share at HK$17 ($2.16) each after last week upon the expiry of a four-day offer period to retail investors that saw its share overbought by 8.5 times. This evaluates the smartphone manufacturer at $54 billion, which is half the first looked estimation of $100 billion. The price of the token is offered by Blackmoon is purportedly connected to the execution of Xiaomi shares.

Blackmoon is a blockchain FinTech organization that initiates and runs tokenized funds, has supposedly offered Xiaomi to sell digitized tokens for its stock on a dollar-for-dollar premise. The payment alternatives could include Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC). Blackmoon will apparently apply the income to buy into Xiaomi’s $4.7 billion IPO in Hong Kong, which will initiate July 9 on the Hong Kong stock trade.

According to Blackmoon's website, by contributing to the ICO with bitcoin, ethereum, and litecoin, investors will be able to get exposure to Xiaomi's stock performance without having to directly own the underlying equity. They said it will convert the proceeds raised from the ICO into fiat currencies and transfer to its brokers, who will subsequently purchase Xiaomi's stocks from the secondary market on investors' behalf.

However, according to a report from the South China Morning Post on Tuesday, Xiaomi stated it has no knowledge of the scheme at all and did not approve or endorse the token offering project. Blackmoon has not disclosed details of the brokers who reportedly will act on investors' behalf such as their names and whether they are licensed broker and dealer to participate in the Hong Kong financial market.

It may be that Blackmoon is just a token project that has piggybacked on the name or brand of a well-known company.

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