Xiaomi Files for “World’s Biggest” IPO Application in Four Years
China's Leading Smartphone and Device Maker Xiaomi has filed for Hong Kong initial public offering on Thursday, which is being considered as one of the largest listings by a Chinese organization in almost four years i.e since 2014.
The announcement came right after company's official revenue posting that stood at 114.62 billion yuan (USD 18 billion) in 2017, up from 67.5 percent from 2016. The company also reported a net loss of 43.89 billion yuan in 2016.
Xiaomi's IPO will mark the first listing in Hong Kong to happen after new rules (dual-class shares implementation) that will target to garner more tech listings, in the backdrop of a competition ongoing between Hong Kong, New York, and the Chinese Mainland.
As per sources obtained from Hong Kong Exchanges & Clearing Limited,...