Xiaomi files for IPO in Hong Kong

Xiaomi, the Chinese electronics giant, has filed for IPO on the Hong Kong Stock Exchange, after months of speculation about where the brand would list. 

Xiaomi is the world’s fourth-largest smartphone maker, and is estimated to be valued at some US$100 billion - Hong Kong's fourth highest IPO in history and the biggest globally since 2014.

Additionally, the move would make Xiaomi China's third-biggest tech company by value - just behind Alibaba and Tencent.

Xiaomi reported a net loss of RMB43.9 billion in 2017, in sharp contrast to profits posted the year before, but revenue grew by 67.5% to RMB114.5 billion last year. First-quarter shipments more than doubled to 27 million units, giving Xiaomi 7.5% share of the global market, according to Counterpoint Research data. That puts it just behind Samsung, Apple and Huawei.

The brand was founded as a start-up in 2010 by Lei Jun and his seven partners, with the first smartphone being launched in August 2011. Since then, the company has grown massively since then. In 2014, it became China's largest smartphone brand and is currently the world's 4th most valuable technology start-up after receiving US$1.1 billion in funding from investors, making its valuation more than US$46 billion.

On 6 April 2015, Xiaomi managed to break the world record for "most mobile phones sold on a single online platform in 24 hours", by selling 2,112,010 handsets through its direct-to-customer website Mi.com when it organised a super sale on its website in celebration of its 5th birthday.