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

Asian stocks higher after Wall Street long weekend

Feb 21, 2017

Asian stock markets are mostly higher as investors look ahead to Fed minutes following a three-day...

Regulator: China needs to rein in risky stock...

Feb 26, 2017

A Chinese regulator says Beijing needs to rein in risky behavior by financial industries following...

Asian stocks slip as investors await Fed's likely...

Mar 15, 2017

Asian stocks fell Wednesday as the Fed met to decide on whether to hike interest rates in view of...

Asian stocks mixed as investors weigh US data,...

Mar 29, 2017

Asian stock are uneven as investors weighed strong U.S. economic reports against uncertainty as...

Asian markets on edge as US strikes Syria amid Xi...

Apr 7, 2017

Asian stock indexes are mixed after the U.S. fired missiles at Syria during President Donald...

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!