Xiaomi files for an IPO in Hong Kong

03 May, 2018, 20:23 | Author: Priscilla Morrison
  • Xiaomi, a Chinese Start-Up, Picks Hong Kong for a Major IPO

The company is due to list in July in what could be the biggest IPO since Alibaba floated for $25m in 2014. Although, revenue of 114.5 billion Yuan had been there as a makeup of 67.5% in the past year. However, the company experiences trouble, suffering a fall in 2016 in its sales of smartphones, as it was hit with problems with its supply chain.

Xiaomi, one of the world's most valuable startups, declined to comment Thursday on the value of the IPO, which is expected to happen in the next couple of months.

"We are building an open global ecosystem, and not a walled garden", said Lei, who with co-founder Lin Bin will continue to control the post-IPO company through a special class of shares. In the interview, he also said most legal work was done in-house He explained "We don't have a budget for legal spend", explaining local firms were preferred over worldwide firms which he said were more expensive and used local firms themselves in remote geographies.

It made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016, though this was impacted by the fair value changes of convertible redeemable preference shares. The company said by March 2018, it has 190 million users based on Android platform. However, the filing document does not clearly mention how much the company wishes to raise in this public listing process.

Just days ago, officials at Hong Kong's stock exchange had loosened its rules to land some big tech stock offerings. In fact, this was the very reason why Alibaba chose NY exchange for their IPO debut in 2014.

Canalys analyst Mo Jia said that while Xiaomi's finances looked "positive", the firm needed to bolster its internet services business to warrant a high valuation.

That being said, Xiaomi is still bullish on the emerging markets and they entered Spain previous year.

Xiaomi started being a maker of low-cost smartphones that were sometimes criticized for aping Apple's i-phone. At its height, it raised $1.1 billion in venture capital and became the world's most valuable startup. It has seen strong growth across India, where it overtook Samsung as the largest selling smartphone maker.

Xiaomi has come a long way in a surprisingly short amount of time. They have also been in talks with the U.S carriers to bring Xiaomi to the American market.

The company's market capitalization, according to familiar with the situation sources could reach $ 100 billion.


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