(Bloomberg) -- China’s No. 2 smartphone maker Xiaomi Corp. has suspended trading of its Hong Kong shares after completing the city’s largest top-up placement on record.Xiaomi said in a Hong Kong exchange filing that trading would be halted Wednesday, without giving a reason. While the company has yet to disclose its stock sale, deal terms obtained by Bloomberg News showed the company sold 1 billion shares in a top-up placement at HK$23.70 each, the bottom of the range, to raise $3.1 billion. That represents a 9.4% discount to its closing price of HK$26.15.It also issued $855 million through a seven-year, zero-coupon convertible bond at a conversion premium of 55% above the reference share price, which is the offering price of the equity placement, the terms show. The proceeds will add to a war chest aimed at expanding its market share from competitor Huawei Technologies Co.Xiaomi shares had been on a rally this year, rising 146% from a year ago. However its stock slipped after it disclosed that its internet services revenue had grown at its slowest pace in three years in the September quarter. It grabbed market share from Huawei when American sanctions deepened particularly in overseas markets from Europe to India.The proceeds from the equity placement will be used for business expansion, investments to increase market share and strategic ecosystem investments, the terms showed.Credit Suisse Group AG, Goldman Sachs Group Inc, JPMorgan Chase & Co. and Morgan Stanley are arranging Xiaomi’s offering.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.