Xiaomi files for IPO in Hong Kong

03 May, 2018, 17:29 | Author: Larry Hoffman
  • Xiaomi files for IPO in Hong Kong

The HKEX just altered its rules with the aim of attracting new tech firm listings on its exchange by introducing dual-class listings, a factor that led to the Alibaba Group Holding Ltd preferring to list their IPO on the New York Stock Exchange.

Xiaomi declined to comment on the valuation.

According to the prospectus presented, the company's revenue has hit 114.62 yuan ($18 billion, ₹1.19 lakh crore) in 2017, which is 67.5% ahead of where it was in 2016. Operating profit was 12.22 billion yuan, up from 3.79 billion yuan year-on-year.

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Xiaomi has also reported detailed financial results that depict a net loss of 43.9 billion Yuan ($6.9 billion) in 2017.

"At $10 billion, Xiaomi's IPO would also be the 15th biggest of all time, or the fourth-largest in Hong Kong", it added. "We have a large community of "Mi Fans", passionate users who are intensely loyal to our brand, highly engaged on our platform and actively contribute feedback and feature ideas to our product development".

Yet margins on its smartphones are razor-thin.

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Xiaomi also said it has sold over 100 million connected devices, including smartwatches, air purifiers and wearable devices, worldwide. "All in all, Xiaomi's product and channel strategies are working", said Ishan Dutt, an analyst at Canalys. Chinese phone shipments dropped 21 percent last quarter from the year before, Canalys said. This is mostly due to the success of Xiaomi's Redmi Note 5 and 5 Pro models that were launched, earlier this year.

Xiaomi has expanded to Internet of Things devices and focused on worldwide markets in the last two years, especially India, where it has surpassed Samsung as the leading smartphone maker. It has enjoyed particularly strong growth in India, where it has overtaken Samsung as the biggest selling smartphone maker. For 2017 sales, China represented 72 percent, but it had been 94 percent and 87 percent, respectively, in 2015 and 2016.

Other recent major China capital markets roles for CC have included the firm's work on the $1.1bn Hong Kong IPO of Tencent Holdings subsidiary China Literature's a year ago. The stock exchange in Hong Kong, which competes with bourses in NY and mainland China, had recently brought in new rules to lure tech firms. Xiaomi CEO, Cofounder lauded the policy change in Hong Kong and called it "a great policy innovation". Put simply, the "super voting" shares allow company insiders to retain control over a business even if they become minority shareholders, although there is no difference in terms of company ownership or profits.

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