Xiaomi Chooses Hong Kong For The Biggest IPO Since 2014

Xiaomi Chooses Hong Kong For The Biggest IPO Since 2014

Xiaomi Chooses Hong Kong For The Biggest IPO Since 2014

A successful listing in Hong Kong at the reported valuation would catapult Xiaomi, founded in 2010 by Lei, past Baidu and JD.com to become the third-biggest Chinese technology company by value, after Tencent Holdings and Alibaba Group, parent of the South China Morning Post.

Other recent major China capital markets roles for CC have included the firm's work on the $1.1bn Hong Kong IPO of Tencent Holdings subsidiary China Literature's a year ago.

The listing documents offered a glimpse of Xiaomi's finances, with the company reporting that revenue rose by two-thirds a year ago to 114.6 billion yuan ($18 billion), including 80 billion yuan from its smartphone division. Its 2017 revenue surged by 67.5 per cent to $18 billion. Despite rising sales, the company was hit by huge losses.

It has always been reported that Xiaomi has been thinking about going public. China's State Council has approved plans to introduce CDRs, however, timing and details are unclear.

Lei and co-founder Lin Bin will be the beneficiaries, being the holders of the Class A shares. Now it is the turning of another Chinese company, Xiaomi, to have its own 15 minutes of fame. It was the fourth-largest smartphone manufacturer by market share in China past year, according to Counterpoint. The filing caps a remarkable turnaround for a company that encountered serious growing pains in 2016 after an over-aggressive expansion disrupted its supply chain and allowed rivals to grab market share.

"Apart from being some of the best value devices on the market, Xiaomi smartphones are now available in more places and in larger quantities".

Xiaomi is one of the biggest phone companies in China, and one of the largest smartphone companies in the world.

Xiaomi has a presence in over 30 countries. It has enjoyed particularly strong growth in India, where it has overtaken Samsung as the biggest selling smartphone maker. Consequently, Xiaomi's quarterly shipment share swell to 7.2% in Q4 2017 from just 3.3% in Q4 2016.

Xiaomi also indicates it is looking to make money from internet services, which includes advertising, games and music/video streaming services like Mi Music and Mi Video - which the company launched in India on Wednesday. It sells a variety of consumer electronics and IOT based gadgets.

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