China's Xiaomi files for mega Hong Kong IPO, lifts lid on financials

US stocks edge higher as Apple jumps, drink makers stumble

Hong Kong: Smartphone and connected device maker Xiaomi filed for a Hong Kong initial public offering on Thursday that could raise United States dollars 10 billion and become the largest listing by a Chinese technology firm in nearly four years.

The documents Xiaomi filed Thursday shed some light on its finances, showing revenue soared almost 70% previous year to around 115 billion yuan ($18 billion). It also said it made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016. The move comes as the Chinese smartphone maker has expanded quickly to become the fourth-largest seller in the world.

Xiaomi's IPO will be one of the first in Hong Kong under new rules which came into effect on Monday in an effort to attract more new-economy companies, mainly in the technology and biotech sectors. Which allow companies with different share classes to be listed on the Hong Kong Stock Exchange. Though it suffered through a challenging 2016, the company bounced back by revamping its sales model and expanding in India, where it rivals Samsung Electronics Co.as the biggest vendor.

It was accompanied by a bullish-sounding letter from the company's founder and chairman Lei Jun saying Xiaomi intends to become a "part of the lives of billions of people globally in the future", adding "please join us on our journey". Moreover, the operating profit of the company for the year 2017 stood at 12.22 billion yuan which grew from 3.79 billion yuan in 2016. Beyond the year's largest IPO - and the world's largest raise since Alibaba in NY in 2014 - the listing could make Xiaomi China's third largest technology company based on market cap. The company's share capital will comprise "Class A" shares and "Class B" shares.

It's a big win for Hong Kong Exchanges & Clearing Ltd, whose officials spent years pushing to scrap a ban on the weighted voting rights that give founders control even with minority ownership. It sold investors on a promise that it was not just a smartphone maker, but that it would use phones as a mechanism to sell services and ads to customers.

Avengers: Infinity War Sets Marvel Sales Record
An estimated that $250 million was collected in USA and Canadian theaters, beating independent forecasts of about $230 million. Avengers: Infinity War brings together over 20 superheroes of the Marvel Cinematic Universe to fight one villain - Thanos .

UN team shocked at Rohingya plight
Myanmar security forces were accused of rape, murder, torture and setting Rohingya homes on fire. Bangladesh and Myanmar signed an agreement late previous year to return the Muslim refugees.

Cowboys' Witten retiring after 15 seasons to join MNF
BC-FBN-Draft-Cowboys-Third Day, 183Question turns to Witten after Cowboys address Bryant voidAP Photo CBS107Eds: APNewsNow. Hold the phone on Dallas Cowboys tight end Jason Witten heading to the Monday Night Football booth.

Xiaomi's IPO document unveiled many of its financial numbers for the first time.

Xiaomi is seeking to go public at a sensitive time for Chinese tech companies. Currently, it said it sells products in 74 countries, that does include the USA where Xiaomi sells accessories and non-phone items.

Smartphones continue to represent the bulk of sales at 70 percent, with smart devices pulling in 20 percent more and services responsible for the remainder.

First-quarter shipments more than doubled to 27 million units, giving Xiaomi 7.5 per cent share of the global market, according to Counterpoint Research data.

Related news:

loading...

Hot News

isis-killer-beheading-video-story-top Govt urged to craft laws that guarantee media freedom
May 03, 2018 - 13:29
The theme for World Press Freedom Day 2018 is 'Keeping Power in Check: Media, Justice and the Rule of Law'. The Prize awards a journalist who stood his or her ground in the defence of press freedom.

isis-killer-beheading-video-story-top Steven Gerrard confirms he's interested in taking over Rangers
May 02, 2018 - 01:52
Nicholl, 61, will take the lead role in trying to lead the Ibrox squad through a testing trio of matches. Murty had also overseen a 4-0 thumping to Celtic in the Scottish Cup semi-finals.

isis-killer-beheading-video-story-top Facebook launching dating feature
May 02, 2018 - 01:50
Facebook's comments to Wired appear as the social network hosts its F8 developer conference , in San Jose, California. Facebook brings to the dating table a treasure trove of data on its active users, which are over 2 billion strong.

Everett Harris & Company Maintains Position in Starbucks Corp. (SBUX)
May 02, 2018 - 01:49
Weatherly Asset Limited Partnership holds 2.22% of its portfolio in Starbucks Corporation ( NASDAQ : SBUX ) for 159,585 shares. Royal National Bank & Trust Of Canada has 0.02% invested in Marathon Oil Corporation (NYSE:MRO). (NYSE:V) for 8,600 shares.

isis-killer-beheading-video-story-top Romeo Langford commits to IU
May 01, 2018 - 08:27
He finished his prep career fourth in Indiana high school basketball history with 3,002 points and won the Indiana Mr. Five-star prospect Romeo Langford announced on Monday that he'll play college basketball for the Indiana Hoosiers.

isis-killer-beheading-video-story-top Top Donald Trump aide denies calling president an 'idiot'
May 01, 2018 - 08:26
Kelly is Trump's second chief of staff, having been appointed to the position this past July to replace Reince Priebus. Following his appointment as chief of staff, Mr Trump said: " John Kelly will do a fantastic job".

isis-killer-beheading-video-story-top Trump Crows Over North Korea Talks as Rally Crowd Chants 'Nobel! Nobel!'
Apr 30, 2018 - 02:14
Kim, leading to peace between the two Korean leaders, it would be hard to argue against both deserving a Nobel Peace Prize . He then shook hands with Moon, which was the first-ever meeting between them after the Korean War ended in 1953.

isis-killer-beheading-video-story-top Aditya Ghosh to step down as IndiGo prez
Apr 29, 2018 - 00:16
Interestingly, the exit of Ghosh came at a time when the company is engaged in revisiting some of its policies through successful. His experience was said to be crucial for IndiGo, which is preparing to launch overseas flights.

isis-killer-beheading-video-story-top Reliance Jio launches JioFi dongle exchange offer, here's how it works
Apr 29, 2018 - 00:15
Jio is six times more profitable than Bharti Airtel , whose consolidated profit in Q4FY18 was Rs 83 crore. Reliance Retail revenue grew 134 per cent YoY to Rs24,183 crore (Rs10,332 crore).

isis-killer-beheading-video-story-top CDC: Lettuce-Linked E. Coli Outbreak Spreads To Wisconsin
Apr 28, 2018 - 10:57
The growing season in the Yuma region runs from November to March and then moves north to Salinas, California, for the summer. Those most at risk for E. coli illness include the very young, the very old and individuals with compromised immune systems.

isis-killer-beheading-video-story-top Demos in Warsaw in support of sick United Kingdom boy Alfie Evans
Apr 28, 2018 - 10:53
Further, U.K. law allows doctors to override parents' wishes in regards to medical care if it's in the child's "best interests". Tom Evans and Kate James, the parents of Alfie Evans, are meeting doctors on Thursday to discuss taking their son home .

isis-killer-beheading-video-story-top No "genocide" for Armenians, just "great tragedy", Trump says
Apr 27, 2018 - 00:57
In January the French president, Emmanuel Macron, added 24 April to the French calendar to commemorate the events 100 years ago.

isis-killer-beheading-video-story-top Fortnite Season 4 Brace for Impact: Superhero theme for Battle Royale confirmed?
Apr 27, 2018 - 00:57
With the 10th week of Season 3 arriving very, very soon, it's time to look ahead at the Fortnite Season 4 Release Date and Theme. The comet, meanwhile, seems to be a clear reference to the ongoing comet theory.

isis-killer-beheading-video-story-top Deutsche Bank posts sharp decline in net profits
Apr 27, 2018 - 00:56
The figure was short of analyst expectations for 374 million euros and down sharply from 575 million euros a year earlier. First Republic Investment Management Inc. bought a new stake in Deutsche Bank in the 3rd quarter valued at $180,000.

Ford Speeds Up Cost Cutting, Dropping Most Sedans in US
Apr 27, 2018 - 00:55
There will be some retooling to prepare for the new SUV models, but there is no plan to shut down the plant, Felker said. Which is why you'll soon be seeing more trucks and SUVs in our showrooms; in fact, they'll be 86 percent of our volume.