Chinese tech company, Xiaomi has recently filed for an initial public offering in Hong Kong. The company is looking to raise at least $10 billion in the IPO, and could value the company as high as $100 billion. It could be the biggest IPO since Alibaba Group Holdings Ltd. raised almost $25 billion in 2014. Xiaomi will be the first major company to go public using Hong Kong’s new rules. Which allow companies with different share classes to be listed on the Hong Kong Stock Exchange.
Xiaomi has also reported detailed financial results that depict a net loss of 43.9 billion Yuan ($6.9 billion) in 2017. Which is in contrast to profit made by the company last year. However, the company’s revenue reached 114.62 billion Yuan ($18 billion) in 2017, which is up by 67.5 per cent against 2016.
According to IDC, Xiaomi is currently the fourth largest smartphone manufacturer in the world. The company has shipped 28 million handsets from January through March compared to 14.8 million delivered in the same quarter last year. Xiaomi presently possesses 8.4% share in the smartphone market worldwide.
In the past few months, the company has seen tremendous progress in sales figures in the Indian market. It helped company dethrone Samsung Electronics as the apex smartphone manufacturer and grab the top spot in the country.