Hong Kong news

Chinese Smartphone Maker Xiaomi Files For Massive Hong Kong IPO

Written by Ariel

China’s Xiaomi officially filed for IPO Thursday, according to its regulatory documents listed on the Hong Kong stock exchange.

Xiaomi reported a revenue of 114.6 billion yuan (around 18 billion U.S. dollars), a gross profit of 14.6 billion yuan (roughly 2.3 billion U.S. dollars) in 2017, and is currently the number four phone manufacturer in the world behind Samsung, Apple and Huawei, as reported in its filing.

The filing didn’t reveal details on the size of the planned IPO, but reports have suggested that it could be worth approximately 10 billion U.S. dollars, marking the largest listing in the world since 2014.

The Hong Kong stock exchange approved new IPO rules on April 24 to allow companies with dual-class shareholding structures and biotech firms with no revenue to apply for listings, which was described as the biggest change to the initial public offering (IPO) rules of the Hong Kong Exchanges and Clearing Limited (HKEX) since its establishment 25 years ago.

The new regime went into effect Monday, and Xiaomi could be the first company with great values being attracted to HKEX because of the new policy.

Founded in 2010, Xiaomi has achieved outstanding development as one of the most innovative technology companies worldwide. Its fast-expanding product line includes but not limited to smart phones, smart TVs, as well as a range of smart home products.

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