Smartphone and connected device maker Xiaomifiled for a Hong Kong initial public offering on Thursday, in what is expected to be the largest listing by a Chinese tech company in nearly four years. Some recent reports have suggested the IPO could put its valuation around $100 billion, but a person familiar with the company's plans to go public told CNNMoney that it would be lower than that. Revenue however surged 67.5 percent to 114.5 billion yuan previous year.
But it did lose $6.8 billion (43.9 billion yuan) that year, mainly from issuing preferred shares to investors.
The third-largest phone maker in China and the fourth-largest worldwide, Xiaomi's filing is also a boon for Hong Kong's stock exchange, which recently loosened its rules to try and attract more companies to list there. While some investors opposed the move, Xiaomi's decision, four years after Alibaba Group Holding Ltd. chose NY, signals a new phase for the city in its ambitions to rival the USA market. Moreover, the operating profit of the company for the year 2017 stood at 12.22 billion yuan which grew from 3.79 billion yuan in 2016.
Under Lei, Xiaomi is looking to enter developed markets for smartphones as it consolidates its position in emerging markets.
Yet margins on its smartphones are razor-thin. The wide spectrum of products includes air purifiers, rice cooker, wearables, electric scooter, Mi TV, Mi Drone and etc. Xiaomisaid it registered a revenue of 23.5 billion yuan past year from its ecosystem. Xiaomi posted a gross profit margin of just 8.8 per cent for its smartphone business in 2017 compared to 60 per cent for its internet services business.
The MGTO also disclosed that more than 361,000 visitors came from the Greater China markets (Mainland China, Hong Kong and Taiwan), some 7.6 per cent more than last year's number.
"As far we know, apart from Xiaomi there has never been another smartphone company that has successfully rebounded after a decline in sales", Lei Jun said, after describing the company's mission as "to relentlessly build awesome products with honest prices" to everyone in the world.
The city, overtaken by Shanghai past year for the first time in the global IPO stakes, was anxious to reclaim its crown to sustain jobs in the financial industry and maintain revenue from stock listings.
Xioami has filed for an initial public offering of shares in Hong Kong.
The company says it sells its products in 74 countries and regions. The exchange modified its regulations to accommodate such companies after losing Alibaba's dual-class listing to NY because rules at the time only allowed a single share class.
CITIC Securities' CLSA, Goldman Sachs Group Inc. and Morgan Stanley are joint sponsors of the offering.
A change in control will be undergone where current stockholders like CEO, Henry Juszkiewicz , will be replaced. The maker of the Gibson guitar has filed for bankruptcy protection after wrestling for years with debt.
In the aftermath, the question seems to be: Did Wolf go too far? Sarah Huckabee Sanders wasn't the only target of Wolf's act. You guys love breaking news, and you did it. "What Wolf did is what comedians do", one reader wrote.
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Meehan, 62, is a married father of three who has represented his southeastern Pennsylvania district since 2011. Arlen Specter and Rick Santorum when he was elected Delaware County District Attorney in 1995.
In that instance, the Su-27 crossed in front of the nose of the EP-3, forcing it to take evasive action to avoid a collision. Su-27 approached theP-8 at a distance of about 6 meters - such interception is considered to be safe, but unprofessional.
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Russia, Iran and Turkey are the guarantor states in the so-called Astana process aimed at ending the violence in Syria. Russian President Vladimir Putin hosted a summit on Syria with the Iranian and Turkish presidents in November.
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