China smartphone maker¹ Xiaomi has delivered an application to Hong Kong Exchanges & Clearing Limited for an IPO.

 

中国智能手机生产商小米向香港香港交易及结算所有限公司提交IPO申请。

 

With an estimated value of 70 billion US dollars, Xiaomi is expected to complete the largest IPO worldwide this year, or the 15th biggest of all time.

 

It reached annual revenue of 114.6 billion yuan (18 US dollars) last year, up 67.5% year-on-year. 70.3% of the revenue comes from selling smartphones at a razor thin profit margin². The company's operating profit stood at 12.2 billion yuan in 2017, an increase of 222.7% compared to the year before.

 

Xiaomi CEO Lei Jun promised to control the net profit ratio of the company's hardware business (smartphone and IoT) below 5%. Once surpassing that benchmark, the overage will be returned to customers.

 

Founded in 2010 in Beijing, Xiaomi has become the world's fourth biggest smartphone maker, with 190 million monthly active users.

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