Xiaomi files for a $10bn stock market listing in Hong Kong
- Phil Peters
The Chinese OEM Xiaomi Corp.is about sheer business as the tech firm filed for an initial public offering (IPO) in Hong Kong on Thursday, in what is expected to be the world's largest listing since 2014. Previously, it was reported that Xiaomi was eyeing a $10 billion IPO, so we will have to wait on this in the future. Xiaomi said in a disclosure to Hong Kong Exchanges that it meant to use the capital raised as investments into the Xiaomi ecosystem in "certain product areas, global expansion, and for R&D".
The papers, which appeared on the bourse's website, did not indicate how much Xiaomi is potentially looking to raise in the IPO.
Xiaomi's value is about 100 billion US dollars, making it one of the largest technology firm in China.
That could make Xiaomi's IPO rival Alibaba's $25 billion debut in 2014 in NY.
Major reforms in Hong Kong's listing regulations has paid off for the Asian market, with plans of an IPO being announced by technology company Xiaomi. The company also confirmed that it also made a net loss of 43.89 billion yuan in comparison to the profit of 491.6 million yuan in 2016. Its officials went through some tedious past years in fighting a ban on weighted-voting rights.
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Yet margins on its smartphones are razor-thin.
Skadden Hong Kong partners Julie Gao and Christopher Betts are leading a team from the U.S. firm representing Xiaomi, while Chinese firm JunHe is advising the company on domestic law, with offshore firm Maples and Calder handling Cayman Islands advice.
Lei Jun and Xiaomi co-founder and vice president Lin Bin will both hold the more powerful class A shares, according to the IPO application. The smartphone giant has also entered into manufacturing of gadgets such as fitness trackers, wearables, air purifiers, rice cookers, television sets and other smart home products. For the first time in five years, smartphone shipments dipped below 100m in the first quarter of this year, according to IDC.
The company said its revenue was 114.62 billion yuan ($18 billion) in 2017, up 67.5 percent against 2016. Currently, Xiaomi is the fourth-biggest smartphone manufacturer in terms of the number of devices sold and has succeeded tremendously in the price/performance market.
After a challenging few years that saw a decline in smartphone sales, Xiaomi doubled down on offline retail with the opening of more than 200 Apple-esque retail stores across China while also branching into a wide product range of dirt-cheap internet-connected devices.
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