The smartphone manufacturer, which filed for a $10bn initial public offering in May, is planning to raise up to 30% of the amount in mainland China and the remainder in Hong Kong.

Xiaomi, a China-based smartphone and smart devices producer backed by chipmaker Qualcomm and the Singapore government’s Temasek, is hoping to raise up to 30% of its $10bn initial public offering in mainland China, Reuters reported this week.

Xiaomi filed for an initial public offering in Hong Kong in early May and was originally thought to be seeking the full $10bn target in the autonomous territory. The secondary listing is expected to be conducted through Chinese Depositary Receipts (CDRs).

The company is aiming for its dual listing to take place early next month or by mid-July. That deadline will however be contingent on China’s securities regulator finalising rules around CDRs, a new financial instrument.

Founded in 2010, Xiaomi produces smartphones and a range of other consumer electronics such as laptops, televisions, wearables and smart home devices. The devices are integrated into Xiaomi’s internet of things ecosystem.

Xiaomi most recently raised $1.1bn from Singapore’s sovereign wealth fund GIC, All-Stars Investment, DST Global, Hopu Fund and Yunfeng Capital at a $45bn valuation in 2014.

Unnamed backers supplied $216m for the company at a $4bn valuation in 2012, before Xiaomi closed a round of undisclosed size at a $10bn valuation in 2013.

Morningside Venture Capital, Qiming Venture Partners and IDG Capital injected an initial $41m in series A funding in 2010, before returning for a $90m series B in 2011 featuring Qualcomm and Temasek.

Qualcomm currently owns a 0.09% share of Xiaomi. NGP has not revealed when it invested but it holds just over 495,000 shares equating to a 0.02% stake.

Xiaomi’s largest shareholders are its founders and executives, though its major investors include Morningside (17.5%), Apoltetto China (7%) and Qiming (3.9%).

CLSA, Goldman Sachs and Morgan Stanley are acting as joint sponsors for the listing in Hong Kong, while Citic Securities is said to be leading the China listing.