Market Overview

Xiaomi's Hong Kong IPO Filing Is The World's Largest Since Alibaba

Xiaomi's Hong Kong IPO Filing Is The World's Largest Since Alibaba

Chinese handset maker Xiaomi's Chinese IPO could be the largest listing globally since the $25-billion debut of Alibaba Group Holding Ltd (NYSE: BABA) in 2014.

What Happened

Xiaomi filed its intention to go public wtih the Hong Kong stock exchange Thursday. The company is reportedly seeking to raise $10 billion, which puts its valuation at about $100 billion.

In the filing document, the company said it reported revenues of 114.6 billion yuan in 2017, nearly double its 2015 revenue. For 2017, the company posted an adjusted non-IFRS loss of 5.4 billion yuan.

Xiamoi said it was India's largest handset vendor in the fourth quarter of 2017, according to IDC data, and said it's a top-five vendor in 15 markets. 

Why It's Important

Hong Kong recently relaxed rules for listings in order to attract IPOs, with the most important allowance being a provision for company founders to retain control even after going public. 

Xiaomi expects to use the net proceeds to fund R&D, investment in IoT and other areas designed to boost its software platform and global expansion.

What's Next

Xiaomi could launch the IPO at the end of June, the Channel News Asia said, citing people familiar with the matter.

The company could also offer the first Chinese depository receipts after its Hong Kong listing, according to Bloomberg.

Related Links:

7 Big Companies That Could Tap The IPO Markets In 2018

The IPO Outlook For The Week Of April 30: Aslan Pharma, Inspire Medical, Unity Biotech And More

Photo by Vernon Chan via Wikimedia. 

Posted-In: Bloomberg Channel News Asia IDC XiaomiNews IPOs Media Best of Benzinga


Related Articles (BABA)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at