US-based chipmaker Qualcomm and telecom operator China Mobile are part of the seven cornerstone investors of Chinese smartphone maker Xiaomi for its Hong Kong IPO of up to $6.1 billion, Reuters reported.

Xiaomi, India’s #1 smartphone brand, has lined up $548 million investment from seven cornerstone investors.

Xiaomi has set a price range of HK$17 to HK$22 ($2.17 to $2.80) each for its listing in the Asian financial hub.

Other cornerstone investors include Chinese express delivery company SF Express, state-backed investment firm CICFH Entertainment and state-run conglomerate China Merchants Group.

The seven will take a combined 10 percent of the shares being offered during one of the largest IPOs.

The IPO values the Beijing-based, Cayman-domiciled company at $54.3 billion – or $70.3 billion after a 15 percent greenshoe or over-allotment option which can be sold if there is demand.

Xiaomi is selling about 2.18 billion shares in the IPO, 65 percent of which are primary. The selling shareholders are early investor Morningside, a Chinese venture capital firm, and Xiaomi managers Wong Kong Kat, Liu De, Heng Feng and Li Wanqiang.

Reuters reported on Tuesday that Xiaomi had lowered its likely valuation to a range of $55 billion to $70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO.

The delay was triggered by a dispute between the company and regulators over the valuation of its China depositary receipts (CDRs), casting doubt on Beijing’s efforts to lure foreign-listed Chinese tech giants back home.

Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings.

CLSA, Goldman Sachs and Morgan Stanley are joint sponsors for Xiaomi’s Hong Kong IPO.