You can be on Entrepreneur’s cover!

Xiaomi Starts IPO in Hong Kong, Trading Begins From July 9 The smartphone maker is hoping to raise up to $6.1 billion and would offer 2.18 billion shares priced between HK$17 and HK$22 for its IPO.

By Nidhi Singh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Pexels

Chinese smartphone maker Xiaomi has provoked a huge commotion not only in Indian market but globally also. It was in news recently was posting a net loss of 7 billion Chinese yuan (USD 1.1 billion) on overall revenue of 34.4 billion yuan for Q1 2018 ahead of its much-awaited IPO. According to analyst firm IDC, the company is ranked fourth based on global smartphone shipments. Also, it is one of the few Original Equipment Manufacturer (OEMs) to be responsible for slowing sales in China.

Now the company is again in the limelight for finally going live at the Hong Kong stock exchange. Xiaomi is hoping to raise up to $6.1 billion and would offer 2.18 billion shares priced between HK$17 and HK$22 for its IPO.

Getting Ready for IPO:

Lei Jun, Executive Director, Founder, Chairman and Chief Executive Officer of Xiaomi shared a post," Today we present ourselves to you as we prepare to enter a new stage in our journey. We are an innovation-driven internet company committed to the principle of "amazing products at honest pricing'. Leveraging our unique "triathlon" business model, we maintain excellent design and outstanding quality in our products, while pricing our products as close as possible to cost by selling them to users through highly efficient online and offline new retail channels. We then provide our users with a range of comprehensive and engaging internet services."

He further went onto say that Xiaomi's achievements so far illustrate the strength and resilience of our model. Within seven years of the founding, the company's annual revenue exceeded RMB100 billion, achieving a growth rate that many traditional companies are unable to match.

Making a Mark in Other Markets:

Xiaomi's mission is to relentlessly build amazing products at honest prices to let everyone in the world enjoy a better life through innovative technology. With a presence in more than 70 markets worldwide, it is a global player that has successfully achieved a foothold in key international markets. The trading in Xiaomi shares on the Hong Kong stock exchange is expected to commence on 9 July 2018. For the company, the IPO means that there will be more investment in things like research, development, ecosystem and global expansion, so we will see a big impulse in our growth.

This month Xiaomi also released few details highlighting its smartphone sales for first quarter of 2018. As per the report, the company shipped about 28.431 million units, and the revenue from smartphones alone was 23.239 billion yuan ($3.6 million). The numbers made Xiaomi the fourth-largest smartphone company in the world, just ahead of Oppo. The company now wants more of its revenue to come from its other businesses such as its internet services for consumers using its robot vacuum cleaners, air purifiers, rice cookers and various Internet-connected devices.

Nidhi Singh

Former Correspondent, Entrepreneur Asia-Pacific

A self confessed Bollywood Lover, Travel junkie and Food Evangelist.I like travelling and I believe it is very important to take ones mind off the daily monotony .

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

The man who married a hologram in Japan can no longer communicate with his virtual wife

The software that allowed the interaction is no longer supported and the man can no longer interact with the hologram with which he had a relationship for years.

Money & Finance

5 Simple Wealth-Building Tips For This Generation's Forward-Thinkers

Explore practical finance tips for young professionals striving to overcome economic challenges.

Business News

Kevin O'Leary Says 'Do Not' Merge Finances, Bank Accounts With Your Spouse: 'I Forbid It in My Own Family'

The "Shark Tank" star stressed the importance of keeping your "own financial identity" in a relationship.