Chinese smartphone maker Xiaomi files for Hong Kong IPO

HONG KONG — Chinese smartphone maker Xiaomi filed documents Thursday with Hong Kong's stock exchange operator for an initial public offering that could be the world's biggest share sale in years.

Beijing-based Xiaomi is the world's fourth biggest smartphone maker by shipment volume, according to International Data Corp.

The listing documents provided no financial details about the share sale or the company's valuation. The newspaper South China Morning Post cited unnamed banking sources saying Xiaomi plans to raise up to $10 billion, which would value the company at $100 billion.

That would make it the biggest IPO since Chinese e-commerce giant Alibaba's $21.8 billion IPO in 2014 on the New York Stock Exchange.

Xiaomi, founded in 2010, has grown quickly on the strength of smartphone handsets priced as low as $115 and Internet-based marketing and distribution.

People also read these

McDonald's sells China business in deal worth up to $2.1B

Jan 9, 2017

Fast-food giant McDonald's is selling a controlling stake in its China business to a group of...

China pledges further cuts in excess steel, coal production

Jan 10, 2017

China's top economic planner has pledged to continue cutting steel and coal production, which have...

Asian markets lower amid Brexit worries

Jan 17, 2017

Asian stock markets are mostly lower after Britain said Prime Minister Theresa May will call for a...

EU asks China to open markets following free trade support

Jan 25, 2017

The European Union ambassador to China has welcomed its endorsement of free trade in the face of...

Global stocks rise on robust US jobs report

Feb 3, 2017

Global stocks are up after the U.S. employment report showed a strong increase of 227,000 jobs in...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales[at]aseancoverage.com