Home Tech News Xiaomi files officially for Hong Kong IPO to increase $10 billion

Xiaomi files officially for Hong Kong IPO to increase $10 billion

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Xiaomi files officially for Hong Kong IPO to increase $10 billion
The South China Morning post rumors about the Xiaomi company which is eight-year-old is planning out to increase by $10 billion towards an estimation of $100 billion.

While Xiaomi has formally filed for the first public offering in Hong Kong, as per the regulatory documents uploaded at the Hong Kong Stock Exchange. Perhaps, the initial draft does not consist of financial information, but for sure the South China Morning post rumors about the company which is eight-year-old is planning out to increase by $10 billion towards an estimation of $100 billion. The world’s largest and year’s leading advanced IPO after 2014 Alibaba in New York, Xiaomi which is China’s third-largest technology company created as per the market top.

However, the functioning of Xiaomi is different in most of the companies, where it vends smartphone and other smart devices at a reasonable margin, depending upon the services and efficiency in using the components to grab the profit. Besides mobiles, the company even functions its own trading business and internet services which includes streaming and payment. The CEO Lei Jun names this strategy as “triathlon” which is mainly focusing on services for the market growth ever since Xiaomi has topped towards maximum amount of net profit in its hardware section at a five percent.

Further, at the time of filing Xiaomi mentioned that they have above 190 million users for its MIUI version of Android, positively it has sold above 100 million devices that included fitness bands, smartwatches, smart scales and many more. In addition, the company states its users who are active for almost 4.5 hours every day wherein 1.4 million users have more than five connected devices.

Moreover, the company ranks fourth in global smartphone shipments and one of the few OEMs, according to IDC analyst. The financial status of the company is very impressive, that reflects company sales of 114.6 billion RMB that works to $18 billion in 2017, which has gone up from 68.4 billion RMB as compared to 2016 and in 2015 66.8 billion. Xiaomi’s is more successful overseas sellers such as India, the number one smartphone firm depending on the market stake, planning out to double its market globally.

 The exact percentage related to company shares has not been disclosed by Xiaomi, but surely the CEO Lei Jun is from one of the significant shareholders. As per the report, IPO will represent him as China’s richest man, who holds a share of 75 percent above.