Markets

Xiaomi files for landmark Hong Kong IPO

Xiaomi files for landmark Hong Kong IPO

The Chinese OEM Xiaomi Corp.is about sheer business as the tech firm filed for an initial public offering (IPO) in Hong Kong on Thursday, in what is expected to be the world's largest listing since 2014.

According to the South China Morning Post, Xiaomi is looking to raise $10 billion in the largest IPO by a Chinese tech company in four years.

Xiaomi did disclose its latest financial results, showing revenues rose 67.5 percent previous year to CNY 114.6 billion. In December 2017, Xiaomi counted 170.8 million active users on its custom Android platform, MIUI, with each user paying an average of 57.90 yuan or about $9.10 for the company's internet services, totalling a $1.6 billion revenue for that month alone. He personally took charge of the supply chain and ramped up investments in dozens of businesses that made everything from fitness monitors, luggage, water purifiers, rice cookers and personal scooters. Though it suffered through a challenging 2016, the company bounced back by revamping its sales model and expanding in India, where it rivals Samsung Electronics Co.as the biggest vendor. Xiaomi CEO, Cofounder lauded the policy change in Hong Kong and called it "a great policy innovation".

"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.

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Rouhani's comments are likely to further complicate efforts by European countries to keep the United States engaged in the deal. Trump talks about Iran "cheating" on the deal. "We need to work with the global community to isolate Iran".

Earlier to this, the Hong Kong Exchanges and Clearing Ltd didn't offer weighted-voting rights.

While Xiaomi continued to expand its product portfolio to include more smart home devices and lifestyle products, it had also been working hard on expanding its physical presence around the world. Despite rising sales, the company was hit by huge losses. The company has a strong presence in China, Europe and other APAC countries, but it aspires to prevail in the U.S market where it struggles. In India - the most promising market for Xiaomi - the intensified competition from the newbies, likes of Vivo, put the company on toes. It sold investors on a promise that it was not just a smartphone maker, but that it would use phones as a mechanism to sell services and ads to customers.

The numbers underscore how Xiaomi has remained resilient even as the global smartphone market has slowed.