Could Xiaomi succeed on getting $10 Billion IPO

Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, where it could raise about $10 billion in the largest listing globally in almost four years, what is expected to be the world’s largest listing since 2014.


The IPO plans, filed on Thursday, will be one of the first in Hong Kong under new rules designed to attract tech listings, a major win for the bourse as competition heats up between Hong Kong, New York and the Chinese mainland. The listing could value the company around $100 billion and would be the world’s biggest IPO since Alibaba’s $25 billion debut in 2014. 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.


The prospectus gave investors the first detailed look at Xiaomi’s financial health ahead of the IPO, showing resilience in a slowing global smartphone market thanks partly to a push into overseas markets like India. Revenue was 114.62 billion yuan ($18 billion) in 2017, up 67.5 percent against 2016, the company said. Operating profit was 12.22 billion yuan, up from 3.79 billion yuan year-on-year. Xiaomi 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....Read More

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