Xiaomi shows massive growth ahead of IPO

22 2018 pro-independence activist Andy Chan poses during an interview with AFP in Hong Kong

Xiaomi's IPO, which will be one of the first in Hong Kong under new rules to attract tech firm listings, is a major win for the bourse as competition heats up between Hong Kong, New York and the Chinese mainland. Its filing didn't give details on the size of the planned IPO, but reports have suggested it could be worth around $10 billion. With the listing, the value of the company can go up to $100 billion and could be the biggest Chinese tech IPO since Alibaba Group Holding Ltd raised about $21.8 billion in the year 2014. The company has apparently invested heavily in the past year leading up to the IPO.

Xiaomi doubled its shipments in 2017 to become the world's fourth-largest smartphone maker, according to Counterpoint Research, defying a global slowdown in smartphone sales.

Alongside smartphones, Xiaomi makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers, although it derives most of its profits from internet services.

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The company did not say how many shares it will sell or at what price yet in the preliminary prospectus. It has enjoyed particularly strong growth in India, where it has overtaken Samsung as the biggest selling smartphone maker.

Xiaomi did disclose its latest financial results, showing revenues rose 67.5 percent past year to CNY 114.6 billion.

CEOLei Jun said in an open letter Thursday that the crisis was "a turning point" for the company. So far things are falling right on the bat for Xiaomi, a year ago it entered Spain and is also in talks with U.S carriers that'll make it sell devices on Apple's home turf. Xiaomi is also consolidating their position when it comes to several startups that are mushrooming under their startup ecosystem.

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Last year, Xiaomi's internet services business brought in about 10 billion yuan ($1.5 billion) in revenue. In 2017, Xiaomi's Mi Home stores made 240,000 yuan or about $37,700 in annual sales per square meter which, according to iResearch, is "the second highest average sales per square meter amongst retail store chains globally".

The tech firm is also expected to issue Chinese depository receipts (CDRs) after it goes public.

USA officials have warned Americans against buying smartphones from two other big Chinese firms, Huawei and ZTE, saying they pose a security risk.

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