While the application omitted financial terms, bankers familiar with the plan said the Beijing-based company is seeking to raise US$10 billion, in a sale that values the eight-year-old company at US$100 billion.
According to the regulatory filing with the Hong Kong stock exchange, Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017. However, the company posted a net loss of 43.9 billion yuan in 2017, reversing from a profit a year earlier.
Xiaomi has also steadily expanded its overseas market-less than half of its phone shipments in the first quarter of this year were domestic, according to research firm IDC.
Xiaomi, which means millet in Chinese, will use 30 per cent of its IPO proceeds to develop the ecosystem of its technology business, especially in artificial intelligence and in IOT, where devices and appliances are connected to each other via the internet.
At Least 16 Killed in Attack on Libyan Electoral Comission
According to preliminary data, broke into the office one or two suicide bombers who blew themselves up. Observers believe the group might carry out similar attacks to deter Libyans from holding elections.
Operating profit for 2017 was CNY 12.22 billion, up from CNY 3.79 billion a year ago. Its relatively cheap handsets pose a rising challenge to market leaders Samsung Electronics Co Ltd and Apple Inc. The numbers underscore how Xiaomi has remained resilient even as the global smartphone market has slowed, helped in part by a push overseas into markets like India.
That would catapult Xiaomi, founded in 2010 by serial entrepreneur Lei Jun, past Baidu and JD.com to become the third-biggest Chinese technology company by value, after Tencent Holdings and Alibaba Group Holding.
The exchange is eyeing several tech listings that are expected in the coming two years from Chinese firms with a combined market cap of $500 billion.
The company is taking advantage of changes by Hong Kong that allowed companies with different share classes to list. 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. It has enlisted Goldman Sachs, CSLA and Morgan Stanley for its proposed listing.