Xiaomi Corp. became the first major company to use Hong Kong’s new rules for going public, filing for what’s expected be the world’s biggest debut since 2014.
The Chinese smartphone maker is taking advantage of changes in the former British colony that mean companies with different share classes can now list in the city. While the filing didn’t say how much Xiaomi is looking to raise in the initial public offering, it’s expected to be at least US$10 billion, people with knowledge of the matter have said, and could value the business as high as US$100 billion.
Xiaomi, reporting detailed financials for the first time, posted a net loss of 43.9 billion yuan (S$9.2 billion) in 2017, reversing from a profit a year earlier. Revenue however surged 67.5 per cent to 114.5 billion yuan last year.