HONG KONG (Reuters) — Chinese smartphone maker Xiaomi booked a quarterly net loss of $1.1 billion, but also record overseas revenue and surging smartphone shipments…
HONG KONG (Reuters) — Chinese smartphone maker Xiaomi booked a quarterly net loss of $1.1 billion, but also record overseas revenue and surging smartphone shipments ahead of its blockbuster initial public offering next month.
Expectations of a highly sought after IPO have grown after Xiaomi, founded only eight years ago, blew past its 100 billion yuan ($15.6 billion) sales target for 2017 with a couple of months to spare.
The Hong Kong IPO is expected to raise $10 billion and value Xiaomi at between $70 billion and $100 billion, sources have said. Stoking expectations, up to 30 percent of the offering is expected to be sold as Chinese depository receipts on the mainland, in what is expected to be the first-ever CDR offering.
In its first prospectus for the CDR sale posted on Monday, Xiaomi did not provide a year-ago quarterly profit figure, but compared the 7 billion yuan ($1.
