Xiaomi Picks Hong Kong for IPO; Seeks to Raise at Least $10 Billion

Xiaomi Picks Hong Kong for IPO; Seeks to Raise at Least $10 Billion

HONG KONG—Xiaomi Corp., one among China’s prime smartphone makers, stated it might launch its initial public offering in Hong Kong.

A Thursday alternate submitting didn’t disclose particulars concerning the measurement of its deliberate providing or a projected valuation, however the firm is searching for to elevate at least $10 billion, which might worth the corporate at round $100 billion, in accordance to individuals conversant in the matter.

In a submitting with Hong Kong’s inventory alternate, Beijing-based Xiaomi reported monetary particulars for the primary time. The firm stated it had a internet lack of 43.89 billion yuan ($6.9 billion) final 12 months. Excluding one-time objects, it stated its revenue was 5.36 billion yuan.

Revenue rose 67% to 114.6 billion yuan ($18 billion) final 12 months, the corporate stated.

Write to Dan Strumpf at [email protected]

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