Wednesday, 21 November, 2018

Xiaomi leans on India sales after filing for mega IPO

Xiaomi Files For IPO In Hong Kong Stock Exchange Xiaomi's Hong Kong IPO expected to raise at least $10 billion
| 03 May, 2018, 17:31

The Chinese company submitted documents Thursday to list shares on the Hong Kong stock exchange.

According to the South China Morning Post, Xiaomi is looking to raise $10 billion in the largest IPO by a Chinese tech company in four years.

That could make Xiaomi's IPO rival Alibaba's $25 billion debut in 2014 in NY.

Xiaomi's listing in Hong Kong looks to be a win for the region's new stock exchange rules. The lack of that option is one reason why Alibaba chose the USA over Hong Kong for its public listing, prompting the city's exchange to revise its rules. The operating profit for the company managed to reach 12.2 billion yuan ($1.9 billion) but here is the troubling part; the company still lost almost 44 billion yuan ($6.9 billion) in 2017 but that is thanks to the cost of converting preferred shares held by investors. In December 2017, Xiaomi counted 170.8 million active users on its custom Android platform, MIUI, with each user paying an average of 57.90 yuan or about $9.10 for the company's internet services, totalling a $1.6 billion revenue for that month alone. Operating profit rose sharply from 3.79 billion yuan in 2016 to 12.22 billion yuan a year ago.

Xiaomi's documents also shed light on some fine details about its fast-growing business.

In the first quarter of 2018, Xiaomi once again topped the Indian smartphone market, reporting an over 31 per cent market share - a whopping 155 per cent annual shipment growth.


Xiaomi said it would have a weighted voting rights (WVR) structure, or dual-class shares.

It is the top smartphone seller in India and the fourth biggest in the world behind Samsung, Apple and Huawei, as previous year it garnered 28 per cent of its revenues from outside China. These devices include scooters, air purifiers and rice cookers and much more, however, the company drives most of its profits from internet services. It said it would use the money to develop new smartphones, smart TVs, home speakers, and other household gadgets, as well as to finance its ambitions to expand beyond the Chinese market.

Founded in 2010, the Chinesecompany was the fifth biggest smartphone maker in the world a year ago, shipping more than 92 million devices, according to research firm IDC.

Lei Jun, Co-founder and CEO, said CDRs was "an excellent idea" and a "great policy innovation". Still, the company warns that its retail store operation requires a substantial investment, which may explain its losses.

CLSA, Goldman Sachs Group and Morgan Stanley are joint IPO sponsors.

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