Chinese smartphone maker Xiaomi files for world's biggest IPO since 2014

Chinese smartphone maker Xiaomi files for world's biggest IPO since 2014

Chinese mobile manufacturer Xiaomi has filed for an initial public offering on the Hong Kong Stock Exchange in what could be one of the world’s biggest flotations for years.

The firm has not yet disclosed how much cash it’s looking to raise, but Bloomberg reports “people with knowledge of the matter” claim the company could be looking to generate at least $10 billion.

Largest IPO since 2014

Such a public offering could value the company as high as $100 billion. It had previously been reported the firm could be looking at a $50 billion valuation.

If the reports of a $100m valuation are correct, that would make it the world’s biggest IPO since Alibaba’s $25 billion flotation in 2014.

Xiaomi reported a net loss of $6.9 billion loss in 2017, compared to a profit it had made the year prior.

This was reportedly due to the issuing of preferred shares to investors. It's also been investing heavily in its operations in country's such as India as it looks to get a foothold in the emerging market.

Revenues however increased 67.5 per cent to $18 billion.

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