Chinese smartphone maker Xiaomi files for huge Hong Kong IPO

The Chinese company submitted documents Thursday to list shares on the Hong Kong stock exchange. Its filing didn’t give details on the size of the planned IPO, but reports have suggested it could be worth around $10 billion.

 A deal of that size would make it the biggest stock market listing since Alibaba (BABA) went public in September 2014, according to Dealogic.

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.

When it raised money in late 2014, Xiaomi was valued at $45 billion. Some recent reports have suggested the IPO could put its valuation around $100 billion, but a person familiar with the company’s plans to go public told CNNMoney that it would be lower than that.

A wave of other huge Chinese tech companies are also reportedly considering going public in the next year, including online payments giant Ant Financial.

Founded in 2010, Xiaomi was the fifth biggest smartphone maker in the world last year, shipping more than 92 million devices, according to research firm IDC.

Xiaomi’s main business is phones, but it also makes a range of other internet-connected devices, including laptops and even smart rice cookers.

The company says it sells its products in 74 countries and regions. It has enjoyed particularly strong growth in India, where it has overtaken Samsung (SSNLF) as the biggest selling smartphone maker.

Revenue and profits soar

The documents Xiaomi filed Thursday shed some light on its finances, showing revenue soared nearly 70% last year to around 115 billion yuan ($18 billion). Operating profit more than tripled to 12 billion yuan ($1.9 billion).

Xiaomi made headlines in 2014 when it became the world’s most valuable startup. But the company then ran into trouble, suffering a drop in smartphone sales in 2016 as it struggled with supply chain problems.

CEO Lei Jun said in an open letter Thursday that the crisis was “a turning point” for the company.“As far as we know, apart from Xiaomi, there has never been another smartphone company that has successfully rebounded after a decline in sales,” he wrote.

Like Apple (AAPL), Xiaomi also makes money through services linked to its smartphones, which come with Xiaomi-branded music and video streaming apps already installed.

Last year, Xiaomi’s internet services business brought in about 10 billion yuan ($1.5 billion) in revenue. But that’s still a fraction of the 80 billion yuan ($12.5 billion) it made from smartphone sales.

Xiaomi is seeking to go public at a sensitive time for Chinese tech companies.

US officials have warned Americans against buying smartphones from two other big Chinese firms, Huawei and ZTE, saying they pose a security risk.

Chinese tech companies have also found themselves caught up in a trade dispute between Washington and Beijing.

Xiaomi acknowledges that a trade war could be a risk for investors. In its filing Thursday, the company said that in the event of trade or import protection policies, “our business and operations may be adversely affected.”

SOURCE:lhttp://money.cnn.com/2018/05/02/technology/xiaomi-ipo-hong-kong/index.html

71 Thoughts to “Chinese smartphone maker Xiaomi files for huge Hong Kong IPO”

  1. cwvanlines

    valerie ball gown draped long dress new york yankees blank navy blue flexbase authentic collection stitched baseball jersey jordan super fly 2 cheap black white and orange shoes moncler khloe coat edmonton oilers edmonton oilers blue replica jersey sal…

  2. dtcgzb

    nike shoes jordan retro 13 shoe white light blue men all air jordan 12 red sox fitted hats cheap prices the north face womens denali 2 hoodie black hooded body warmer pandora family forever and always charm

  3. eolziwf

    dress with skirt attached speights marreese jersey chicago white sox scrub hat usa party wear for 8 year boy mizuno wave horizon womens san francisco giants retro g hat game

  4. npbusher

    cassette tape pandora charm nhl throwback jerseys 2018 cheap red bottoms sneakers band of hearts safety chain charm black leather iphone 11 pro max case buffalo bills winter hat

  5. cepsarf

    lace top flower girl dress youth football uniforms packages for cheap mens ohio state buckeyes 12 cardale jones red 2015 college football nike limited jersey nike hypervenom phantom fg size 5.5 moncler full body coat gothic clothing usa

  6. adgeminco

    atlanta braves beanie hat target air jordan 10 mint green dot superdown one shoulder dress samsung s8 plus cover ruched blue mini dress new england patriots hat uk

  7. thinkeathealthy

    dress with skirt attached speights marreese jersey chicago white sox scrub hat usa party wear for 8 year boy mizuno wave horizon womens san francisco giants retro g hat game

  8. mygohotels

    acler palms dress elite charles woodson mens jersey oakland raiders 24 road white nfl portland trail blazers 47 nba 47 clean up cap kate middleton blue suit new balance plantar fasciitis nhl knit winter hats

  9. vanllen

    dress with skirt attached speights marreese jersey chicago white sox scrub hat usa party wear for 8 year boy mizuno wave horizon womens san francisco giants retro g hat game

  10. lawnpink

    lace top flower girl dress youth football uniforms packages for cheap mens ohio state buckeyes 12 cardale jones red 2015 college football nike limited jersey nike hypervenom phantom fg size 5.5 moncler full body coat gothic clothing usa

  11. oraien

    pinterest aesthetic dress formal party attire juventus special kit washington huskies adidas jersey for cheap nike air max 2017 women cheap black and green shoes moncler benoit

  12. stanthonyshyd

    game michael sam mens jersey dallas cowboys 46 road white nfl pittsburgh pirates straw hat ya reem acra dress adidas yeezy 350 boost blue old phillies hat for eu air max 90 ice grey

  13. quecarajoes

    air jordan 5 gs alarming red bohemian chic wedding dress game tony romo womens jersey dallas cowboys 9 impact black nfl astros fan shop white orange nike elastico finale ii moncler hermine sale

  14. novynha

    pandora essence peace miami hurricanes 2 jon beason green jersey ferragamo red bottoms pandora disney cat phone wallet for iphone 12 pro max new york yankees cap in delhi ncr

  15. hotelsoham

    eagles nike air max speed turf for cheap adidas ultra boost white cream pandora horseshoe earrings coach madison convertible backpack 18 kobe bryant black and yellow jersey for cheap womens 2012 new nfl jerseys buffalo bills 34 thomas blue portrait fas…

  16. cdielektrik

    white dress with split leg poupette st barth mini dress where to buy vikings jerseys near me for cheap detroit tigers 47 mlb all denim clean up cap women’s shoe designer with red soles rag bone amber midi dress

  17. tabamachine

    atlanta braves beanie hat target air jordan 10 mint green dot superdown one shoulder dress samsung s8 plus cover ruched blue mini dress new england patriots hat uk

  18. nuttours

    north face goose down 700 samsung galaxy note ultra 20 case jordan hats sale qld long sleeve orange polo shirt north face apex bionic 1 new york yankees hats uk menu

  19. umseek

    air jordan 5 gs alarming red bohemian chic wedding dress game tony romo womens jersey dallas cowboys 9 impact black nfl astros fan shop white orange nike elastico finale ii moncler hermine sale

  20. uppicfree

    limited chris conte womens jersey chicago bears 47 road white nfl nike air uptempo red pandora infinity knot bracelet mk white shoulder bag limited dane sanzenbacher youth jersey cincinnati bengals 11 road white nfl elite jamil douglas youth jersey mia…

  21. fiverrsnooper

    all pink nike free run 5.0 v2 uk shoes red sox baseball cap uk showcase 2017 jordan iv shoes for sale moncler wilson modest gowns with sleeves north face mens softshell jacket

  22. cursodeunas

    valerie ball gown draped long dress new york yankees blank navy blue flexbase authentic collection stitched baseball jersey jordan super fly 2 cheap black white and orange shoes moncler khloe coat edmonton oilers edmonton oilers blue replica jersey sal…

  23. federalspare

    all pink nike free run 5.0 v2 uk shoes red sox baseball cap uk showcase 2017 jordan iv shoes for sale moncler wilson modest gowns with sleeves north face mens softshell jacket

  24. lsdmuzic

    traditional russian womens dress christian louboutin louis orlato galaxy s21 5g defender series pro case berry potion pink coach gotham messenger 27 light blue new york yankees hat quizlet reiss off the shoulder dress

  25. vicksfabs

    game michael sam mens jersey dallas cowboys 46 road white nfl pittsburgh pirates straw hat ya reem acra dress adidas yeezy 350 boost blue old phillies hat for eu air max 90 ice grey

  26. studiogorsel

    atlanta braves beanie hat target air jordan 10 mint green dot superdown one shoulder dress samsung s8 plus cover ruched blue mini dress new england patriots hat uk

  27. wdifah

    tiered sleeveless maxi dress pinkish purple dress elite derrick morgan mens jersey tennessee titans 91 camo fashion black nfl air jordan 5 retro black metallic silver moncler causses vest mens nike dallas cowboys morris claiborne 24 elite navy blue tea…

  28. fletsaccess

    pinterest aesthetic dress formal party attire juventus special kit washington huskies adidas jersey for cheap nike air max 2017 women cheap black and green shoes moncler benoit

  29. stocknara

    acler palms dress elite charles woodson mens jersey oakland raiders 24 road white nfl portland trail blazers 47 nba 47 clean up cap kate middleton blue suit new balance plantar fasciitis nhl knit winter hats

  30. catiewithac

    moncler coat red and black nike pg 3 all grey shoes new york yankees hat size guide questions dirty yellow black mens asics gel noosa tri 9 moncler glacier jacket black velvet halter dress

  31. sadlifebox

    pinterest aesthetic dress formal party attire juventus special kit washington huskies adidas jersey for cheap nike air max 2017 women cheap black and green shoes moncler benoit

  32. progoodies

    moncler coat red and black nike pg 3 all grey shoes new york yankees hat size guide questions dirty yellow black mens asics gel noosa tri 9 moncler glacier jacket black velvet halter dress

  33. nedaparvaz

    lace top flower girl dress youth football uniforms packages for cheap mens ohio state buckeyes 12 cardale jones red 2015 college football nike limited jersey nike hypervenom phantom fg size 5.5 moncler full body coat gothic clothing usa

  34. scpfamag

    acler palms dress elite charles woodson mens jersey oakland raiders 24 road white nfl portland trail blazers 47 nba 47 clean up cap kate middleton blue suit new balance plantar fasciitis nhl knit winter hats

  35. filmparki

    north face long sleeve shirt chicago white sox new era 2018 mlb memorial day 39thirty cap how to spot fake red bottom heels mens cincinnati reds 11 barry larkin 1990 white throwback jersey nike chicago bears craig steltz elite jersey women navy blue 20…

  36. declaromag

    north face goose down 700 samsung galaxy note ultra 20 case jordan hats sale qld long sleeve orange polo shirt north face apex bionic 1 new york yankees hats uk menu

  37. flowimg

    lanyard iphone atlanta braves feather hat review satin off white shirt the north face mens denali 2 hoodie stores fox racing hats ebay indianapolis atlanta braves hat flat bill designers

  38. bibuthomas

    lace top flower girl dress youth football uniforms packages for cheap mens ohio state buckeyes 12 cardale jones red 2015 college football nike limited jersey nike hypervenom phantom fg size 5.5 moncler full body coat gothic clothing usa

  39. snywlt

    valerie ball gown draped long dress new york yankees blank navy blue flexbase authentic collection stitched baseball jersey jordan super fly 2 cheap black white and orange shoes moncler khloe coat edmonton oilers edmonton oilers blue replica jersey sal…

  40. celindamuza

    pinterest aesthetic dress formal party attire juventus special kit washington huskies adidas jersey for cheap nike air max 2017 women cheap black and green shoes moncler benoit

  41. sugotogo

    nike shoes jordan retro 13 shoe white light blue men all air jordan 12 red sox fitted hats cheap prices the north face womens denali 2 hoodie black hooded body warmer pandora family forever and always charm

  42. tyvano

    asics gel lyte 5 black speckle fit and flare wedding dress with detachable skirt a21 samsung phone cover birthday dress for girl 8 year old new england patriots afc championship hat for sale dress victoria beckham

  43. newcarlights

    nike blazer women shoes all red new era nfl on field sport knit hat seattle seahawks game today nike sb stefan janoski mid qs white leather moncler guernic jacket evening dinner dress apex bionic hoodie

  44. alucram

    jordan 12 deep royal blue footlocker jordan 10 blue legend wholesale denver broncos light up hat mens sierra down anorak polo ralph lauren traveller swim shorts pandora sparkling and polished lines ring

  45. frisurenklub

    lace top flower girl dress youth football uniforms packages for cheap mens ohio state buckeyes 12 cardale jones red 2015 college football nike limited jersey nike hypervenom phantom fg size 5.5 moncler full body coat gothic clothing usa

  46. besafeab

    dress with skirt attached speights marreese jersey chicago white sox scrub hat usa party wear for 8 year boy mizuno wave horizon womens san francisco giants retro g hat game

  47. webdooni

    nike blazer women shoes all red new era nfl on field sport knit hat seattle seahawks game today nike sb stefan janoski mid qs white leather moncler guernic jacket evening dinner dress apex bionic hoodie

  48. thegfxlab

    tiered sleeveless maxi dress pinkish purple dress elite derrick morgan mens jersey tennessee titans 91 camo fashion black nfl air jordan 5 retro black metallic silver moncler causses vest mens nike dallas cowboys morris claiborne 24 elite navy blue tea…

  49. sifaligidalar

    mustard oversized t shirt new york yankees 1927 hat band high top red bottoms mens nike minnesota vikings customized 2013 purple limited jersey blackhawks winter classic 2019 jersey youth nhl jerseys edmonton oilers 99 wayne gretzky blue jerseys

  50. slowcicle

    white dress with split leg poupette st barth mini dress where to buy vikings jerseys near me for cheap detroit tigers 47 mlb all denim clean up cap women’s shoe designer with red soles rag bone amber midi dress

  51. forexwale

    north face long sleeve shirt chicago white sox new era 2018 mlb memorial day 39thirty cap how to spot fake red bottom heels mens cincinnati reds 11 barry larkin 1990 white throwback jersey nike chicago bears craig steltz elite jersey women navy blue 20…

  52. malabarcet

    game michael sam mens jersey dallas cowboys 46 road white nfl pittsburgh pirates straw hat ya reem acra dress adidas yeezy 350 boost blue old phillies hat for eu air max 90 ice grey

  53. sartelcit

    north face long sleeve shirt chicago white sox new era 2018 mlb memorial day 39thirty cap how to spot fake red bottom heels mens cincinnati reds 11 barry larkin 1990 white throwback jersey nike chicago bears craig steltz elite jersey women navy blue 20…

  54. Hosting

    […]check below, are some totally unrelated internet websites to ours, having said that, they’re most trustworthy sources that we use[…]

Leave a Comment