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03 May 2018, 02:11 | Lionel James
Xiaomi Corp. smartphones are displayed at a company store in Handan Hebei province on March 28
Xiaomi, maker of the just-released Oculus Go, announced to go public in the Hong Kong stock exchange.
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. Its filing didn't give details on the size of the planned IPO, but reports have suggested it could be worth around $10 billion.
Xiaomi hasn't specified how much money it wants to raise during the IPO but the sources peg the value at somewhere around $10 Billion.
The company reported its detailed financials for the first time, ahead of the anticipated IPO. The wide spectrum of products includes air purifiers, rice cooker, wearables, electric scooter, Mi TV, Mi Drone and etc. Xiaomisaid it registered a revenue of 23.5 billion yuan past year from its ecosystem.
The company says it sells its products in 74 countries and regions.
Xiaomi did disclose its latest financial results, showing revenues rose 67.5 percent a year ago to CNY 114.6 billion. Excluding the charges, adjust net profit jumped to CNY 5.4 billion from CNY 1.9 billion.
Still, CEO Lei Jun emphasized in his open letter that following the declining smartphone sales in 2016, his company went through a transition and managed to rebound in 2017 - going from 55.4 million devices back up to 91.4 million, with a stronger focus on developing markets like India and Indonesia. Xiaomi is also consolidating their position when it comes to several startups that are mushrooming under their startup ecosystem.
But it did lose $6.8 billion (43.9 billion yuan) that year, mainly from issuing preferred shares to investors. In 2017, Xiaomi's Mi Home stores made 240,000 yuan or about $37,700 in annual sales per square meter which, according to iResearch, is "the second highest average sales per square meter amongst retail store chains globally". Xiaomi is also likely to be among the first Chinese tech firms seeking a secondary listing in its home market, using the planned China depositary receipts route, two people with knowledge of the matter said.
While Xiaomi has expanded to Southeast Asia, Europe and Russian Federation, it still does not sell smartphones in the United States, where Huawei and ZTE have recently faced official resistance due to suspicion that their devices could pose risks to national security.
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