Xiaomi Targets $70 Billion Valuation and Hong Kong IPO in July 2018
Xiaomi, the world’s 4th largest smartphone maker is targeting an IPO on the Hong Kong Stock Exchange in early to mid July 2018, raising $10 billion in capital for a rumoured $70 billion to $100 billion valuation.
” Xiaomi Targets $70 Billion Valuation and Hong Kong IPO in July 2018 ”
Xiaomi is founded in 2010 by Lei Jun and 7 other co-founders. It is the 4th largest smartphone player by market share, behind Apple, Samsung and Huawei. In 2017, the smartphone maker sold 91.4 million smartphones, generated revenue of $18.09 billion (CNY 114.6 billion) and incurred a net loss of $6.93 billion (CNY 43.9 billion).
In the IPO filing under the new Hong Kong listing rule, Xiaomi will have weighted voting rights (WVR) structure, or dual-class shares. The dual-class share will give greater power to founding shareholders, even with minority shareholding. At the moment, Lei Jun owns 31.4% shareholding of Xiaomi while Lin Bin holds 13.3%.
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