Tuesday, 25 September, 2018

Xiaomi IPO Will Be Huge

Xiaomi applies to raise funds in Hong Kong, giving city the pole position in 2018 global IPO race Xiaomi Files For IPO In Hong Kong Stock Exchange
Guillermo Lane | 03 May, 2018, 10:11

Chinese smartphone maker Xiaomi filed documents Thursday with Hong Kong's stock exchange operator for an initial public offering that could be the world's biggest share sale in years.

Revenue however surged 67.5 percent to 114.5 billion yuan a year ago.

Xiaomi, reporting detailed financials for the first time, posted a net loss of 43.9 billion yuan ($6.9 billion) in 2017, reversing from a profit a year earlier. The company has apparently invested heavily in the past year leading up to the IPO. In an open letter reminiscent of Google's own pre-IPO manifesto, Lei pledged to transform Xiaomi into more than a hardware company and again promised to cap its hardware profit margins at 5 percent - returning any excess to its users. The numbers underscore how Xiaomi has remained resilient even as the global smartphone market has slowed, helped in part by a push overseas into markets like India.

Xiaomi CEO Lei Jun has steered his company to possibly the world's biggest IPO since 2014.

Joel Embiid On Game 1 Loss: "I Thought I Was Shitty"
Chamberlain, my pick as the GOAT over Lebron, Michael Jordan and whoever else you care to mention, was an offensive force. Consistency is always the biggest problem with the young talent on the Celtics , and that is the biggest problem.


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.

The company is now at the fourth position in the smartphone market globally, behind Samsung, Apple and Huawei. Armed with the new rules allowing the listing of companies with dual-class structures, Hong Kong is eyeing several tech listings that are expected in the coming two years from Chinese firms with a combined market cap of Dollars 500 billion.

It could be the biggest IPO since Alibaba's US$25 billion debut in 2014, and might be the first IPO when IPO applications under dual-class shares structures were accepted starting April 30. Two Chinese biotech companies said they would switch their New York IPOs to Hong Kong to raise US$800 million, Reuters reported last week.

Founded in 2010, Xiaomi first shot to prominence in China thanks to its tactic of selling nearly all of its phones online at razor-thin profit margins. It has enlisted Goldman Sachs, CSLA and Morgan Stanley for its proposed listing.

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