Bloomberg reports that the company is looking to raise at least $10 billion through its IPO which could value it as high as $100 billion. Back then, Alibaba listed for $25 billion on New York Stock Exchange.
It has also become the first major company to abide by the new rules that are allowing companies with different share classes for the listing in the city. "I am now submitting the listing application in Hong Kong, but my bank card can not be used here, and I only need 1,000 yuan (US$157) to submit the application successfully", read a text message that was widely circulated in China on Thursday, when Xiaomi filed its IPO application. Although, revenue of 114.5 billion Yuan had been there as a makeup of 67.5% in the previous year.
The documents Xiaomi filed Thursday shed some light on its finances, showing revenue soared almost 70% previous year to around 115 billion yuan ($18 billion). There is no telling how much the company hopes to raise from the offering, but sources expect it to be around $10 billion (~RM39 million). It was the fourth-largest smartphone manufacturer by market share in China a year ago, according to Counterpoint. Xiaomi's business also includes also partnering with "Internet of Things" companies to develop hundreds of connected lifestyle devices like rice cookers, robot vacuum cleaners and coffee makers.
Xiaomi, which is one of the most valuable startups anywhere in the world, did not comment on Thursday about the value of its IPO, which should take place within the next few months.
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Today has been very positive to put that pressure on Tottenham. On to the next,"Moses wrote on his Twitter handle on Sunday".
The consumer electronics company shared its detailed financial position for the first time ahead of its IPO.
The eight-year-old start-up, whose name in Chinese means "millet", first cultivated a following in China by selling Apple knock-offs at half the price of the real products.
Lei and co-founder Lin Bin will be the beneficiaries, being the holders of the Class A shares.
Xiaomi will be implementing dual-class shares.
CLSA, Morgan Stanley and Goldman Sachs Group are sponsoring Xiaomi's IPO.