Chinese smartphone maker Xiaomi files for Hong Kong IPO

HONG KONG — Chinese smartphone maker Xiaomi filed documents Thursday with Hong Kong's stock exchange operator for an initial public offering that could be the world's biggest share sale in years.

Beijing-based Xiaomi is the world's fourth biggest smartphone maker by shipment volume, according to International Data Corp.

The listing documents provided no financial details about the share sale or the company's valuation. The newspaper South China Morning Post cited unnamed banking sources saying Xiaomi plans to raise up to $10 billion, which would value the company at $100 billion.

That would make it the biggest IPO since Chinese e-commerce giant Alibaba's $21.8 billion IPO in 2014 on the New York Stock Exchange.

Xiaomi, founded in 2010, has grown quickly on the strength of smartphone handsets priced as low as $115 and Internet-based marketing and distribution.

People also read these

Most Asian markets higher after new Wall Street...

Feb 15, 2017

Most Asian stock markets are higher after U.S. stock indexes climbed further into record territory

Global markets cautious ahead of Trump speech

Feb 27, 2017

World stock markets were subdued Monday as investors looked ahead to U.S. President Donald Trump's...

Asian markets mostly higher after Wall Street...

Mar 28, 2017

Asian stock markets are mostly higher after Wall Street sank on worries the Trump administration...

World stocks mixed; Asia drops on Chinese...

Mar 30, 2017

World stocks were mixed Thursday, with Asian indexes falling as Chinese authorities tightened...

Asian stocks slip, yen and gold rise as global...

Apr 12, 2017

Most Asia stock markets are retreating as rising geopolitical risks keep investors on edge

About Us

Biz Daily Online gives a complete understanding of the world of business to you. Get today’s business news and learn about the trends that are affecting every business here.

Contact us: sales[at]bizdailyonline.com

Subscribe Now!