Xiaomi files for landmark Hong Kong IPO

May 03, 2018, 13:30
Xiaomi files for landmark Hong Kong IPO

Smartphone and connected device maker Xiaomi filed for a Hong Kong initial public offering on 3 May, in what is expected to be one of the largest listings by a Chinese tech company in nearly four years.

The Chinese smartphone maker is taking advantage of changes in Hong Kong that mean companies with different share classes can now list in the city.

To compete with regional bourses, Hong Kong pushed through rules to let pre-revenue biotechnology firms and technology firms with multiple classes of stocks sell equity. It posted a net loss of 43.9 billion yuan ($6.9 Billion) in 2017, reversing from a profit of 491.6 million yuan a year earlier.

The listing documents offered a glimpse of Xiaomi's finances, with the company reporting that revenue rose by two-thirds previous year to 114.6 billion yuan ($18 billion), including 80 billion yuan from its smartphone division.

The company booked sales of 114.6 billion RMB ($18 billion) in 2017, up from 68.4 billion RMB in 2016 and 66.8 billion in 2015. The company shipped 28 million handsets from January through March compared to 14.8 million delivered in the same quarter a year ago.

Dominant Palace hit five goals past helpless Leicester
Benteke then got in on the act, slotting home from the spot after Harry Maguire had clumsily brought him down in the box.

Lei Jun and Xiaomi co-founder and vice president Lin Bin will both hold the more powerful class A shares, according to the IPO application. The WVR give greater power to founding shareholders even with minority shareholding.

In India, Xiaomi said, it has leveraged its number one position to expand and monetize its user base.

At its height, it raised $1.1 billion in venture capital and became the world's most valuable startup. Xiaomi, which initially had an online presence, opened hundreds of retail stores and also its strong growth in the home market and India were major factors for its resurgence.

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.

Xiaomi's IPO document unveiled many of its financial numbers for the first time.

Central American asylum seekers get legal aid near U.S. border
And the Trump administration has been working to limit asylum further , as NPR's Joel Rose reported last month. She plans to give the Central Americans advice for their asylum cases before many of them cross on Sunday.

The tech firm is also expected to issue Chinese depository receipts (CDRs) after it goes public.

Founded in 2010, Xiaomi was the fifth biggest smartphone maker in the world a year ago, shipping more than 92 million devices, according to research firm IDC. Currently, it said it sells products in 74 countries, that does include the US where Xiaomi sells accessories and non-phone items.

"Xiaomi has more exposure to global expansion opportunities right now".

First-quarter shipments more than doubled to 27 million units, giving Xiaomi 7.5 per cent share of the global market, according to Counterpoint Research data.

$1.44 EPS Expected for EQT Midstream Partners, LP (EQM)
Goldman Sachs Group Inc increased Wipro Ltd (NYSE:WIT) stake by 71,649 shares to 563,155 valued at $3.08 million in 2017Q4. Arclight Capital Partners Llc holds 20.14% of its portfolio in American Midstream Partners, LP for 13.98 million shares.

loading...
loading...
YOU MIGHT ALSO LIKE
popular