Smartphone and related gadget maker Xiaomi filed for a Hong Kong preliminary public providing on Thursday, in what is anticipated to be the biggest itemizing by a Chinese tech firm in nearly 4 years.
The itemizing might worth the corporate at as much as $100 billion (roughly Rs. 6.66 lakh crores) and can be the most important Chinese tech IPO since Alibaba Group Holding raised $21.eight billion in 2014.
The announcement got here as the buyer electronics firm gave buyers the primary detailed look at its monetary place forward of the much-hyped IPO.
The firm mentioned its income was CNY 114.62 billion ($18 billion) in 2017, up 67.5 p.c towards 2016. It additionally mentioned it made a internet lack of CNY 43.89 billion versus a revenue of CNY 491.6 million in 2016.
Operating revenue for 2017 was CNY 12.22 billion, up from CNY three.79 billion a 12 months in the past.
Alongside smartphones, Xiaomi makes dozens of Internet-connected house home equipment and devices, together with scooters, air purifiers and rice cookers, though it derives most of its income from Internet companies.
In the smartphone market its comparatively low cost handsets pose a rising problem to market leaders Samsung Electronics Co, and Apple.
Xiaomi’s IPO can be one of many first in Hong Kong below new guidelines which started on Monday in an effort to draw extra tech listings, as competitors for main tech offers heats up between Hong Kong, New York and the Chinese mainland.
The change is eyeing a number of tech listings which might be anticipated within the coming two years from Chinese corporations with a mixed market cap of $500 billion.
CLSA, Morgan Stanley and Goldman Sachs Group are sponsoring Xiaomi’s IPO.
© Thomson Reuters 2018
Adapted From: Gadgets360