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Message: <blockquote data-quote="Coralin96" data-source="post: 1198" data-attributes="member: 15">Commercial Awareness Update 9 June - 13 June 2018Here are some of the big commercial stories that caught my eye this week. (Thanks to Jaysen and Nicole for helping me with this one!)May's Brexit DealThe Story: Theresa May set out Britain's Brexit departure plan on July 6th. It caused turmoil in her government with David Davis, the Brexit secretary, and Boris Johnson, the foreign secretary, announcing their resignations. While some critics believed this signalled the end for May, MPs don't seem able to get the votes necessary to trigger a vote of no confidence. The resignations caused May to reshuffle her cabinet, appointing Jeremy Hunt (the former health secretary) as the new foreign secretary and Dominic Raab as the new Brexit secretary.Impact on law firms and businesses: May's Brexit plan proposes a soft Brexit, where Britain will adopt new EU rules in return for effectively remaining in the single market for goods. Boris Johnson criticised the plan, noting that it would be harder for Britain to agree trade deals with other countries  - which Trump agreed with on his visit to London today. It remains to be seen how the EU will respond, but it seems to be a positive step for UK businesses who want to be able to continue to trade in the EU.Xiaomi's troubled IPOThe Story: The smartphone maker, Xiaomi floated on the Hong Kong Stock Exchange with a valuation of $54bn. This was far from the $100bn the company wanted to raise after the company listed at a time of global market concerns.Impact on law firm and businesses: XIaomi's IPO shows the danger of companies looking to float at the wrong time. XIaomi's target of $100bn was announced before Donald Trump became embroiled in a trade war, which increased the risks for investors and affected the Asian stock markets.  Xiaomi also faced unexpected regulatory challenges and uncertainties over its business model.Xiaomi is the first company to use Hong Kong's new rules for going public. They allow companies to have dual-class shares with different voting rights, which means founders can have more voting power when a company goes public.While Xiaomi's plan - to follow in the steps of other Asian tech companies like Alibaba and (soon to be Tencent Music) who raise record sums of money - may have failed, the IPO market is still doing well.  Recently, Dropbox and Spotify raised large sums in the US, suggesting there is investor confidence in US tech companies. American IPO volumes are currently at their highest for three years. On the global level, IPOs could raise $200bn this year as companies like Uber, AirBnB and Saudi Aramco could float on the stock exchange this year.</blockquote>

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