(Bloomberg) -- Xiaomi Corp. said trading of its Hong Kong shares will resume Wednesday, after being halted all morning due to the company’s failure to disclose the city’s biggest-ever top-up placement in time.In a statement filed to the local exchange during the market’s midday break, China’s No. 2 smartphone maker said it would sell 1 billion shares at HK$23.70 apiece, raising $3.1 billion. That represents a 9.4% discount to its last closing price of HK$26.15. The halt was first announced without explanation around 9 a.m. local time, just after the start of Hong Kong’s premarket auction. Trading will resume at 1 p.m. local time.The company’s failure to announce the stock sale in time for the market open came as a surprise to some participants. The episode comes about a month after Hong Kong was rattled by an abrupt decision by Chinese regulators to yank Ant Group Co.’s planned initial public offering, which would have been the largest ever.“It’s definitely unusual because other companies which had share placements usually file the official announcements soon after pricing,” said Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong. Wednesday’s premarket auction showed the stock trading as low as HK$24.50, implying a drop of 6.1%. Hong Kong’s stock exchange requires a company to apply for a trading halt if certain inside information has been made public before an official disclosure.Xiaomi also proposed the sale of convertible bonds, raising a net $889.6 million. The proceeds will add to a war chest aimed at helping the company grab market share from competitors such as Huawei Technologies Co.Xiaomi shares have rallied 143% this year, though they slipped from a high last month after the company said its internet services revenue had grown at its slowest pace in three years in the quarter ended September. Xiaomi grabbed market share from Huawei when American sanctions deepened particularly in overseas markets from Europe to India.Credit Suisse Group AG, Goldman Sachs Group Inc, JPMorgan Chase & Co. and Morgan Stanley arranged Xiaomi’s offering.(Updates with trading resumption throughout)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.