Smartphone maker Xiaomi is looking to go public on the Hong Kong stock exchange, according to a filing. The company will aim to raise $10bn. The figure was reported by local media, citing bankers familiar with the matter who spoke of a proposed valuation at $100bn. Xiaomi counts as backers mobile chipmaker Qualcomm and the Nokia-backed NGP Capital (formerly known as Nokia Growth Partners).
Founded in 2010, Xiaomi manufacturers a range of electronics including laptops, televisions, wearables and smart home devices as well as affordable smartphones. In 2017, it had increased its revenues by 68% to nearly RMB115bn ($18bn) but still made a net loss of RMB43.9bn ($6.9bn at current rates). Xiaomi had raised over $1.4bn in funding from corporate-backed rounds, as the GCV Analytics chart here shows.
