The listing is expected to give Beijing-based, Cayman-domiciled Xiaomi a market value of between $80 billion and $100 billion, just eight years after it came onto the scene in China, people familiar with the plans told Reuters.
Xiaomi files for mega Hong Kong IPO, largest listing by a Chinese tech firm in 4 years; lifts lid on financials
Xiaomi's listing is expected to raise about $10 billion via the public offering, giving Beijing-based Xiaomi a market value of between $80 billion and $100 billion
The promise comes as Xiaomi is looking to market its internet services business to investors ahead of an IPO that could potentially value the smartphone maker at $100 billion.
Xiaomi is projected to have made a net profit of at least $1 billion last year, according to bankers who have analysed the company’s revenue estimates.
China's most valuable start-up Xiaomi is financially self-sufficient and has no plans to raise funds, its global vice-president said on Monday. Xiaomi, the world's fifth-largest smartphone vendor, also has no plans for an initial public offering, Hugo Barra told Reuters in an interview.