Xiaomi files for mega Hong Kong tech IPO

by Susie Olson May 3, 2018, 14:13
Xiaomi files for mega Hong Kong tech IPO

Xiaomi hasn't specified how much money it wants to raise during the IPO but the sources peg the value at somewhere around $10 Billion. It posted a net loss of 43.9 billion yuan ($6.9 Billion) in 2017, reversing from a profit of 491.6 million yuan a year earlier.

Xiaomi's main business is phones, but it also makes a range of other internet-connected devices, including laptops and even smart rice cookers.

The company now has designs on displacing Apple Inc.at the top of the market as it ramps up a global expansion.

Xiaomi's listing plans come as the company and its investors look to capitalise on a bull run for the Hong Kong market, which has seen the benchmark Hang Seng Index rise about 27 per cent over the past year. The filing caps a remarkable turnaround for a company that encountered serious growing pains in 2016 after an over-aggressive expansion disrupted its supply chain and allowed rivals to grab market share.

Xiaomi has expanded to Internet of Things devices and focused on worldwide markets in the last two years, especially India, where it has surpassed Samsung as the leading smartphone maker. According to a new IDC report, Xiaomi is the world's fourth-largest smartphone maker.

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While Xiaomi continued to expand its product portfolio to include more smart home devices and lifestyle products, it had also been working hard on expanding its physical presence around the world. Xiaomi is also likely to be among the first Chinese tech firms seeking a secondary listing in its home market, using the planned China depositary receipts route, two people with knowledge of the matter said. The exclusive tie-ups with online stores held Xiaomi back from reaching many less tech-savvy customers in China.

Challenges persist: It's unclear if Xiaomi can really convince USA wireless carriers to sell its phones amid trade tensions with China.

The company bounced back through its retail strategy. It has enjoyed particularly strong growth in India, where it has overtaken Samsung as the biggest selling smartphone maker.

Xiaomi said its gross profit margin for smartphones was 8.8 percent past year, which is much lower than the estimated profit margin of around 60 percent that Apple has for its flagship iPhone devices.


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