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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 also refreshes 'Mi TV' series in India. (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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Xiaomi Working on Phone with 64MP Camera: Report

Meanwhile, the Redmi X is also scheduled to arrive with a 48MP primary rear camera as well as an 8MP telephoto lens and a 13MP Ultra-Wide Angle Lens

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Xiaomi
Xiaomi.

Chinese smartphone manufacturer Xiaomi might now bring Samsung’s 64MP sensor on board with its next smartphone.

The mass production of the 64MP camera sensor is expected to begin in the second half of 2019, news website PhoneArena reported on Friday.

According to the report, Samsung will carry out the international premiere of the 64-megapixel camera sensor through a mysterious Galaxy A series phone and an upcoming Redmi phone will be featuring it in China.

The 64MP ISOCELL Bright GW1 sensor would capture 16MP images in low-light scenarios through Samsung’s Tetracell technology.

Xiaomi, Mobile, UP
Xiaomi supplier Holitech Technology on Saturday said it has inaugurated its first component manufacturing plant in Greater Noida. Pixabay

The sensor would also supports up to 100db real-time HDR. In addition, devices featuring it will allow users to capture 1080p slow-motion videos as well as Super PD PDAF technology.

Earlier, the Galaxy A70 was rumoured to be the phone in question to carry the 64MP sensor, though it arrived with a 32MP sensor instead.

Also Read- Braces won’t Always Bring Happiness, Self-Confidence

The report doesn’t reveal any further details about the Redmi 64MP camera phone. It is still unsure which Redmi phone will pack 64MP camera.

Meanwhile, the Redmi X is also scheduled to arrive with a 48MP primary rear camera as well as an 8MP telephoto lens and a 13MP Ultra-Wide Angle Lens. (IANS)