Xiaomi's $10 Billion IPO Question: If We Hype It, Will They Come?

Hong Kong: Stocks end week with sharp losses

Xiaomi's $10 Billion IPO Question: If We Hype It, Will They Come?

The Agency noted that Xiaomi had applied for the IPO immediately after the exchange has simplified procedures for public placement of shares in a bid to attract more big innovative companies around the world.

That would make it the biggest IPO since Chinese e-commerce giant Alibaba's $21.8 billion IPO in 2014 on the New York Stock Exchange.

The IPO could be launched as early as the end of June, according to the people close to the process who requested anonymity as the details were not yet public.

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A Xiaomi India spokesperson declined to comment on the matter. The company said revenue grew by 67.5 per cent to 114.62 billion yuan ($18bn) a year ago.

As per latest regulatory filings in India, Xiaomi India's revenue was Rs 8,379.33 crore ($1.25 billion) in 2016-17, a seven-fold increase from the preceding year and its operations in the country turned profitable within about three years of entry. Overall, though, it posted a net loss of 43.89 billion yuan ($6.9bn), but claimed that this was due to fair-value changes in the accounting treatment of convertible redeemable preference shares.

Apart from smartphones, Xiaomi has also supported dozens of startups producing a wide spectrum of products, which includes wearables to rice cookers. In an open letter reminiscent of Google's own pre-IPO manifesto, Mr Lei pledged to transform Xiaomi into more than a hardware company and again promised to cap its hardware profit margins at 5 per cent - returning any excess to its users. How much does it want to raise and at what valuation?

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While UK customers have been able to buy a small selection of Xiaomi handsets through third-party websites, they will now be sold in Three stores in the UK, Ireland, Austria, Sweden, Denmark, Hong Kong and Italy.

Xiaomi is the world's fourth most popular smartphone brand. That made Hong Kong less attractive to companies than places such as NY or Shanghai. It also sells online content, entertainment and financial services.

According to Xiaomi's application, its shareholding structure will comprise class-A shares and class-B shares. The WVR give greater power to founding shareholders even with minority shareholding.

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