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Xiaomi officially files for Hong Kong IPO to raise a reported $10 billion

Xiaomi’s much-speculated IPO process has kicked off officially after the Chinese smartphone giant filed to go public on the Hong Kong Stock Exchange.

The first draft of its filing does not include proposed financial details of its listing, but the South China Morning Post reports that the company is shooting to raise $10 billion at a valuation of $100 billion. Beyond the year’s largest IPO, it would make Xiaomi China’s third largest technology company based on market cap.

Xiaomi operates differently to most companies in that beyond selling smartphones and smart devices, it operates its own retail business and internet services such as payments and streaming. That strategy — which CEO Lei Jun calls a “triathlon” — is focused on services for growth since Xiaomi has capped its maximum net profit for hardware at five percent.

The financials are impressive on paper.

The company booked sales of 114.6 billion RMB ($18 billion) in 2017, up from 68.4 billion RMB in 2016 and 66.8 billion in 2015.

Xiaomi posted a 43.9 billion RMB ($6.9 billion) loss in 2017 on account of issuing preferred shares to investors (54 billion RMB) but the growth story is healthy. Operating profit jumped to 12.2 billion RMB ($1.92 billion), up more than three-fold on the previous year.

Smartphones continue to represent the bulk of sales at 70 percent, with smart devices pulling in 20 percent more and services responsible for the remainder.

China is, as you’d expect, the primary revenue market but Xiaomi is increasingly less dependent on its homeland. For 2017 sales, China represented 72 percent, but it had been 94 percent and 87 percent, respectively, in 2015 and 2016. India is Xiaomi’s most successful overseas venture, having built the business to the number one smartphone firm based on market share, and Xiaomi is pledging to double down on other global areas.

Interestingly there’s no mention of expanding phone sales to the U.S., but Xiaomi has pledged to put 30 percent of its IPO towards growing its presence in Southeast Asia, Europe, Russia “other regions.” Currently, it said it sells products in 74 countries, that does include the U.S. where Xiaomi sells accessories and non-phone items.

Another 30 percent is earmarked for R&D and product development, while a further 30 percent will be invested in Xiaomi’s internet of things and smart product ecosystem. The remaining 10 percent is down for working capital.

Xiaomi isn’t disclosing the exact percentage stakes that its major investors hold, but CEO Lei Jun is believed to be one of the most significant shareholders. The IPO could make him China’s richest man, according to reports which suggest he controls a stake of over 75 percent.


Source: TechCrunch

Google’s first-ever VR Doodle pays homage to pioneer of movie special effects

Google Doodles have been delighting users since back in 1998. But there’s never been a Google Doodle like its latest one: The first one ever to incorporate 360-degree virtual reality.

The post Google’s first-ever VR Doodle pays homage to pioneer of movie special effects appeared first on Digital Trends.


Source: Digital trends

MCU at 10: Stan Lee's most iconic Marvel comic book creations – CNET

As the Marvel Cinematic Universe celebrates its 10th anniversary, a look at some of the most beloved characters Lee created during his decades at Marvel.
Source: CNET

Verizon's CEO couldn't care less about T-Mobile and Sprint's $26B merger – CNET

Lowell McAdam is skeptical the tie-up will lead to a more competitive market for high-speed 5G wireless broadband access.
Source: CNET

Chinese electronics giant Xiaomi files for IPO in Hong Kong – CNET

The company’s seeking to raise $10 billion, according to Bloomberg and the South China Morning Post.
Source: CNET

The Australian government is funding its very own space agency – CNET

Better late than never, it looks like Australia is headed to space!
Source: CNET

Star Wars meets Arrested Development, and Ron Howard narrates – CNET

Han Solo knew what he was doing. Narrator: He didn’t. But thankfully Ron Howard did, and now we have this galactically goofy video.
Source: CNET

Google's first VR Doodle is a Georges Méliès mini-movie – CNET

Grab your Cardboard: The famed magician-filmmaker-inventor is celebrated in a 360-degree animated VR film timed to the release date of one of his classics.
Source: CNET

Cambridge Analytica shutting down following Facebook data mining scandal – CNET

The political consultancy will close its doors on Wednesday.
Source: CNET

Boeing's 747 descends closer to retirement – CNET

After flying more than 50 of the jumbo jets for almost fifty years, Qantas will retire the last of its Boeing 747s by 2020.
Source: CNET

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