5/3, 7:32 AM (Source:
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Xiaomi files for IPO in Hong Kong

Chinese smartphone maker Xiaomi announced on Thursday it has filed to list on the stock exchange in Hong Kong, in what could be the largest initial public offering in the world this year. The company didn't reveal details about the filing, but according to analysts, it is expected to raise about $10 billion, which would value the firm at $100 billion.

"We have changed how hundreds of millions of people live, and we will become a part of the lives of billions of people globally in the future," Xiaomi co-founder Lei Jun said.

Xiaomi also published its first-ever earnings release in the filing and said its revenue surged 68% to 114.6 billion yuan ($18 billion) in 2017. The company's net loss amounted to 43.9 billion yuan last year as a result of a one-time charge, while adjusted net income stood at 5.36 billion yuan.

Breaking the News / NP