KXIP vs KKR Live Score

The HKEX just altered its rules with the aim of attracting new tech firm listings on its exchange by introducing dual-class listings, a factor that led to the Alibaba Group Holding Ltd preferring to list their IPO on the New York Stock Exchange.

Cheng Shi, Chief Economist of ICBC International Research Limited, said that Xiaomi's official submission of its IPO application to Hong Kong exchange set a milestone after the new listing rule has been put into practice. The mounting supply chain problem forced the company to retreat from many overseas markets, including Indonesia and Brazil. Currently, Xiaomi is the fourth-biggest smartphone manufacturer in terms of the number of devices sold and has succeeded tremendously in the price/performance market.

Revenue was 114.62 billion yuan (US$18 billion) in 2017, up 67.5 per cent against 2016, the company said. Operating profit jumped to CNY 12.2 billion from CNY 3.8 billion in 2016, while the net result was a loss of CNY 43.9 billion due to valuation charges for convertible shares.

Xiaomi, one of the world's most valuable startups, declined to comment Thursday on the value of the IPO, which is expected to happen in the next couple of months.

Xiaomi, in its filing, said its revenue comes from four segments - smartphones, IoT and lifestyle products, internet services and others.

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The consumer electronics company shared its detailed financial position for the first time ahead of its IPO.

Xiaomi started life eight years ago selling Apple imitations at half the price of the real products, although it has now expanded into making home products such as rice cookers and air conditioners.

"Investors will like Xiaomi's business model because growing user numbers guarantee profits in the future", said James Yan, an analyst at Counterpoint. The segment slipped as a proportion of overall revenues previous year. Xiaomi was the fastest growing brand in China during the quarter.

It is also making a big push outside China's borders, with 28 percent of its sales derived from overseas markets past year, up from 6.1 percent in 2015.

Founded a measly eight years ago, Xiaomi shot to fame thanks to the Chinese company's surprisingly capable low-priced smartphones, rapidly branching out into various areas of the thriving IoT industry, and receiving massive funding early on in its evolution from enthusiastic investors.


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