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What is the Difference between Xiaomi XIACF and XIACY?

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If you searched for Xiaomi ADRs, you’ve inevitably come across both XIACF and XIACY. What’s the difference? You cannot trade XIACF as a retail investor because it’s a “privately placed” ADR under SEC Rule 144A. This means that they’re for qualified institutional buyers (QIBs) only. QIBs…