This IPO listing by Xiaomi could value the company at up to $100 billion. It would be the biggest Chinese tech IPO since Alibaba Group Holding Ltd filed their IPO in 2014 and raised $21.8 billion. Xiaomi gave their investors the first detailed look at its financial position ahead of the IPO.
As per Company, its revenue was 114.62 billion yuan ($18 billion) in 2017 which is 67.5 percent up against 2016. Meanwhile, Company also had a net loss of 43.89 billion yuan Operating profit for 2017 was 12.22 billion yuan, up from 3.79 billion yuan a year ago.
Smartphone maker Xiaomi also makes internet connected home appliances and gadgets. It derives most of its profits from internet services. In the smartphone market its relatively cheap handsets pose a rising challenge to market leaders Samsung Electronics Co Ltd and Apple Inc.
Xiaomi IPO will be one of the first in Hong Kong under new rules. These new rules are applied to attract more tech companies to get listed.
The exchange is eyeing several tech listings that are expected in the coming two years from Chinese firms with a combined market cap of $500 billion.
CLSA, Morgan Stanley and Goldman Sachs Group Inc are sponsoring Xiaomi’s IPO.
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