Report: Xiaomi exploring a potential IPO in Hong Kong with a $50 billion valuation

Chinese smartphone manufacturer Xiaomi is reportedly eyeing up an IPO in 2018 with a valuation of at least $50 billion.

As reported by Bloomberg, the company is likely to list in Hong Kong if it goes public. Banks are said to be unsure if the valuation will reach $50 billion, and are highly doubtful it could cross $100 billion as some executives are hoping for.

The IPO could raise up to $5 billion for Xiaomi, which would aid in its continuing expansion into India. The company recently announced that it is looking to invest $1 billion in 100 Indian developers over the next five years.

Making moves

Xiaomi has made several big plays in India throughout 2017. In March, it set a sales record in India after selling one million of its Redmi Note 4s in just 45 days, and opened a second production plant in the country.

Overall, the smartphone manufacturer is looking to hit sales of $14.47 billion by the end of 2017. It is exploring avenues outside of India, including artificial intelligence and internet finance.