Xiaomi files for largest Chinese tech IPO since 2014
03 May, 2018, 10:09 | Author: Devin Moran
Xiaomi, which is expected to reach a value of about US$10 billion through the IPO, will become one of the top tech firms by market value. Xiaomi did not disclose any details about the IPO, only saying that the IPO will take place in Hong Kong. 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. Xiaomi is also likely to be among the first Chinese tech firms seeking a secondary listing in its home market, using the planned China depositary receipts route, two people with knowledge of the matter said.
That could make Xiaomi's IPO rival Alibaba's $25 billion debut in 2014 in NY.
For the latest news from the South China Morning Post download our mobile app. The new rules, which were controversial from the outset, appear to have paid off. "There needs to be not one Xiaomi but 100 Xiaomis, maybe even more, to build a rich and prosperous new business ecosystem".
According to Xiaomi's application, its shareholding structure will comprise class-A shares and class-B shares. That puts it in fourth spot globally behind Samsung, Apple and Huawei, both by market share and by actual shipment.
Its 2017 revenue surged by 67.5% to 114.6 billion yuan ($18 billion), with overseas sales more than tripling to 32.1 billion yuan.
Operating profit for 2017 was 12.22 billion yuan, up from 3.79 billion yuan a year ago. Xiaomi, reporting detailed financials for the first time, posted a net loss of 43.9 billion yuan in 2017, reversing from a meager profit a year earlier.
In terms of markets, China is the company's biggest market and India is its most successful worldwide operations.
Excluding preferred stocks and other items, Xiaomi's adjusted net profit nearly tripled to 5.4 billion yuan, from 1.9 billion yuan in 2016. Xiaomi's business also includes also partnering with "Internet of Things" companies to develop hundreds of connected lifestyle devices like rice cookers, robot vacuum cleaners and coffee makers.
Another 30 per cent of the funds will be used for research and development, while 30 per cent will be used on global expansion, according to Xiaomi'sfiling. It had kept 10% of the funds for working capital.
The new phones include the $1,000 iPhone X , which Apple has touted as the best since the first iPhone was introduced in 2007. He said the ASP growth was "mainly driven by iPhone X", indicating the $1000 price point had worked in the company's favour.
It said that if a peace treaty was signed, justifying the presence of US forces in South Korea would be hard . A headline on Business Insider read , "North Korea Reportedly Hands Trump Another Big Win by Releasing U.S.
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Pompeo arrived in Amman late Sunday for the last leg of a regional tour that also took him to Saudi Arabia and Israel. Hamas leaders have issued warnings about a possible border breach, but stopped short of specific threats.
A date hasn't been set for the elections in Libya, which has two competing governments in the east and west. The attack occurred during the registration of voters ahead of elections expected later this year.
In 2016, the company opened a fulfillment center in Fall River, Massachusetts, that employs more than one thousand workers. The announcement details show that Amazon now employs some 1,000 researchers and engineers at its Vancouver facility.
Activists in the area told Al Jazeera at least 18 civilians have been killed since the campaign began April 19. French Foreign Minister Jean-Yves Le Drian has warned of a humanitarian disaster in the city.
It also upped Merck & Co Inc (NYSE:MRK) stake by 19,108 shares and now owns 379,144 shares. 159 are held by Highstreet Asset. EnLink Midstream Partners , LP, through its subsidiary, EnLink Midstream Operating, LP, provides midstream energy services.
While Painter has been a lifelong Republican, MPR News reports that he'll run as a Democratic-Farmer-Labor Party candidate. Karin Housley, who represents Stillwater and Forest Lake, is the only Republican challenger so far.
To put it mildly, if the Giants really want Flowers to come back and play this season, they have a lot of fence mending to do. Now that he's older and entering the final year of his contract, the Giants were hopeful that he would make wiser decisions.
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