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Nirav Modi case: India awaiting response from Hong Kong

Diamond jeweller Nirav Modi and his uncle Mehul Choksi have been accused of defrauding the Punjab National Bank (PNB) of Rs 12,600 crore

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Nirav Modi's stamped his name in India’s top corporates with growing global prestige with his fame and affluence.
Nirav Modi's stamped his name in India’s top corporates with growing global prestige with his fame and affluence. Facebook
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India has requested Hong Kong to arrest fugitive jeweller Nirav Modi and is awaiting for a response from the authorities there, a senior official said here on Thursday.

“We have requested the authorities in Hong Kong to surrender Nirav Modi,” External Affairs ministry spokesperson Raveesh Kumar said at a media briefing here.

PNB suffered a great loss due to the fraud.

“There is an agreement between India and Hong Kong about surrender of fugitive offenders,” he said.. “We are still awaiting a response.” Kumar also informed that, according to the Indian mission there, the Department of Justice is examining India’s request for provisional order for Modi’s arrest.

Also Read: ED seizes Nirav Modi valuables worth Rs 36 cr

Diamond jeweller Nirav Modi and his uncle Mehul Choksi have been accused of defrauding the Punjab National Bank (PNB) of Rs 12,600 crore, with Rs 1,300 crore being added to the fraud kitty on February 26. Parliament was earlier informed that Modi is present in Hong Kong. IANS

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Xiaomi Files Prospectus for $10bn Listing in Hong Kong

Xiaomi files for IPO in Hong Kong, aims for $100bn value

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Xiaomi files prospectus for $10bn listing in Hong Kong
Xiaomi files prospectus for $10bn listing in Hong Kong. (Wikimedia Commons)

Chinese smartphone maker Xiaomi has officially filed for an initial public offering (IPO) in Hong Kong that aims to raise $10 billion in a sale that may value the company at $100 billion.

According to a report in South China Morning Post on Thursday, the move “would catapult Xiaomi past Baidu and JD.com to become the third-biggest Chinese technology company by value, after Tencent Holdings and Alibaba Group”.

“At $10 billion, Xiaomi’s IPO would also be the 15th biggest of all time, or the fourth-largest in Hong Kong,” it added.

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.

The company is currently at the fourth position in the smartphone market globally, behind Samsung, Apple and Huawei.

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 (AI) and Internet of Things (IoT), the report noted.

Representational image.
Representational image. Pixabay

In the first quarter of 2018, Xiaomi with over 51 per cent growth was at fifth spot in China, Counterpoint Research reported. Xiaomi was the fastest growing brand in China during the quarter.

The growth was driven by Xiaomi’s expansion in the offline segment with aggressive promotions. It also refreshed its Redmi Note series and now has a very strong product portfolio in the mid segment, giving more choice to budget-conscious consumers.

In the first quarter of 2018, Xiaomi once again topped the Indian smartphone market, reporting an over 31 per cent market share — a whopping 155 per cent annual shipment growth.

Also Read: Xiaomi And Jio Top India Market

Xiaomi Chairman, CEO and Founder Lei Jun in April announced that the company will forever limit the net profit margin after tax for the entire hardware sales — including smartphones, Internet of Things (IoT) and lifestyle products — to a maximum of five per cent.

Lei promised its users that the company’s hardware business will have an overall net profit margin that will never exceed five per cent.

“If the margin crosses five per cent, then we will find a way to return the excess above five per cent to our users,” he said in an email to all Xiaomi employees.

“If we sell our products at close to cost and return value to our users, then we can earn the long-term support of our users. Aiming for large volumes with small profit margins will still result in suitable hardware profits for us in the long term,” the Xiaomi CEO added.  (IANS)

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