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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.
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)
The new variant of the coronavirus Omicron is a variant of "concern" not "despair," Brazil's Health Minister Marcelo Queiroga said, adding that the country's health system is prepared for an eventual new Covid-19 wave.
"It is not a variant of despair because we have health authorities committed to providing quality care to our population," the Minister said.
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A Brazilian citizen coming from South Africa was quarantined in the south American country after testing positive for Covid-19, since it was not known which variant had infected him, Xinhua news agency reported.
The first case of the Omicron variant was detected in South Africa and reported to the World Health Organization on November 24.
Also Read : Exercises to recover from COVID
The new variant has a number of previously unseen mutations, mainly in the spike protein the virus uses to invade human cells.
Over the weekend, Queiroga asked Brazilians to remain calm, saying that measures against the new variant are the same, and the main weapon against Covid-19 is vaccination.
Brazil had accumulated 22,080,906 Covid-19 cases and 614,278 deaths from the virus as of Sunday.
Keywords : new variant, covid, Omicron, Brazil, Health Minister, coronavirus, mutation, health system, country, vaccination.
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Amit Rai Jain, a Baghpat-based businessman, has found 16 coins made of silver and copper which have a bull and a horseman engraved on them.
He found the coins from a mound, known locally as the 'Katha mound' in Khekhra, close to the Delhi-Saharanpur highway, on Sunday.
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Jain told reporters that some of the coins are from the late 12th century AD, which is the era of Rajput king Prithviraj Chauhan.
"I keep frequenting the area, which is rich in archaeological finds. This time, it revealed something considered fascinating in Indian numismatics. The coins which I found belong to a series of Rajput rulers who remained dominant in the region comprising Rajasthan, Haryana, and the western Gangetic plains from the eighth century to 12th century AD," he said.
Jain, is a member of the Culture and History Association, an organisation comprising historians from western Uttar Pradesh.
K.K. Sharma, head of the department of history, Multanimal Modi College, Modinagar, confirmed the antiquity of the coins.
Picture of some ancient coinsUnsplash
"This is an interesting find as the area remained with the Rajput kings for a couple of centuries. Horse and bull inscriptions on coins were quite common in those days. Horses used to be the primary vehicle of soldiers during battles and their depiction on coins is not a surprise. In fact, close to two dozen rulers between the seventh and 17th centuries used horses in some form or the other on their coins," he said.
Baghpat is well-known for the discovery of interesting historical artifacts, the most sensational being three chariots unearthed during the Archaeological Survey of India excavation held in Sinauli in June 2018, which marked the 'first-ever' physical evidence of Bronze Age chariots in India.
In 2006, Sinauli had revealed Harappan-era burial grounds where several discoveries were made such as that of painted grey ware pottery, skeletons, bronze swords, and copper vessels.
Keywords : ancient, coins, silver, copper, archaeological, kings, discovery, historical, artifacts, Uttar Pradesh, India, Rajput.
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With an aim to examine the wide-ranging narratives and the very definitions of the art of sculpture, Palette Art Gallery's forthcoming exhibition, 18 Dimensions - is a show dedicated to sculptures underlining the important works by 18 contemporary artists, who have made a significant impact on the Indian and Global art landscape.
Bringing a seductive edge to the visual arts, an element of pleasure to one's life and working environment, the exhibit is an effort to showcase a broad scope of contemporary sculpture from the abstract and the minimal to the popular, making socio-political commentary that is deeply contemplative and thought-provoking.
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The show reflects on a large number of materials and methods from casting to the modes of assemblage as well as minimalism, conceptualism making visible the process of making in most of the works.
Also Read : What Remains, art exhibition at Kala Ghoda
Featuring over 18 artists, the intention is to present a range and variety of sculptural expressions and encourage viewer participation and physical engagement with artworks once again, as the city opens up to mobility from the studios of Arunkumar HG, Ashiesh Shah, Gigi Scaria, G. R. Iranna, L. N. Tallur, Narayan Biswas, Mrinalini Mukherjee, Manjunath Kamath, Pooja Iranna, Himmat Shah, Jagannath Panda, Rajesh Ram, Riyas Komu, Sangam Vankhade, Sumedh R, Subodh Gupta, Sudarshan Shetty, Valay Shende, Vibha Galhotra and Vipul Kumar, the exhibition studies their involvement with the influences probing the limits and possibilities inherent in a sculpture's inescapable three-dimensional physicality.
One of the highlights of the show includes a selection of the rare hemp works by artist Mrinalini Mukherjee. Known for her distinctly contemporary style and use of dyed and woven hemp fibre, she worked with an unconventional material in the world of sculpting. Her four-decade-long career was an exemplar of a practice dedicated to formulating a language that was a mix of abstraction and figuration.
Keywords : art gallery, sculpture, exhibition, Palette Art Gallery, Bikaner House, New Delhi, contemporary, abstract, materials, conceptualism.
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