Chinese smartphone giant Xiaomi is seeking to raise $6.1 billion from its IPO in Hong Kong – one of the world’s biggest offerings, but at a lower valuation than previously expected.

Xiaomi also decided to focus on Hong Kong for the IPO, withdrawing its application to Chinese authorities to sell through depository receipts that allow mainland investors to invest in a Chinese company listed outside the mainland.

In an announcement made over the weekend, Beijing-based Xiaomi said it would offer 2.18 billion shares priced between HK$17 and HK$22 for its Hong Kong IPO. It is expected to raise up to HK$48 billion ($6.1 billion), which would give the company a value at $54 billion to $70 billion – 30% less than the $100 billion valuation previously expected. Trading is expected to start July 9.

Xiaomi was also expected to be the first to sell through Chinese Depository Receipts. But according to Chinese media outlet Sina, the plan was dropped because the China Securities Regulatory Commission questioned Xiaomi’s positioning in the market, as the company branded itself as a hardware manufacturer as well as an Internet company with a focus on the Internet of Things.

But Xiaomi CFO Chew Shou Zi said that the company and the Chinese regulators were on the same page and that the company did not have a schedule for trading in China yet.

Hong Kong’s South China Morning Post reported that tycoons Li Ka-shing, Jack Ma of Alibaba and Pony Ma of Tencent have subscribed to the Xiaomi IPO.