Reuters
HONG KONG — Xiaomi Corp., one of China’s top smartphone makers, said it would launch its initial public offering in Hong Kong.
A Thursday exchange filing didn’t disclose details about the size of its planned offering or a projected valuation, but the company is seeking to raise at least $10 billion, which could value the company at around $100 billion, according to people familiar with the matter.
In a filing with Hong Kong’s stock exchange, Beijing-based Xiaomi reported financial details for the first time. The company said it had a net loss of 43.89 billion yuan ($6.9 billion) last year. Excluding one-time items, it said its profit was 5.36 billion yuan. Revenue rose 67% to 114.6 billion yuan ($18 billion) last year, the company said.
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