Xiaomi is finalizing its initial public offering plans and is seeking to list itself on the Hong Kong Stock Exchange in the first half of July, South China Morning Post reports, citing sources close to the Beijing-based original equipment manufacturer. The company’s $10 billion fundraising target remains unchanged, much like the overall valuation it’s seeking, with insiders maintaining its IPO will be worth in the range of $70 billion and $80 billion. Despite downgrading expectations earlier this year, Xiaomi’s upcoming listing is still widely predicted to be the largest technology float of the year and one of the most lucrative such IPOs ever held.
The firm previously explored the possibility of entering the public markets through the New York Stock Exchange but Hong Kong was always a more likely IPO host, according to numerous reports which emerged in recent months. Xiaomi’s general business strategy should remain largely unchanged following the listing, with the OEM still being primarily focused on growth instead of profits. While an IPO seemed unlikely two years ago when the firm was facing global stagnation and was declining in its home country, its extremely strong performance in India returned it to the path of startup-like expansion and prompted major diversification; today, Xiaomi deals in everything from Android smartphones and smart speakers to rice cookers, robot vacuum cleaners, and micro-loaning services.
The company’s next Android flagship is scheduled to be announced on Thursday, May 31, coming in the form of the Mi 8 Anniversary Edition, with its name commemorating Xiaomi’s ninth year in business which it started in early April. The upcoming handset is expected to be the first addition to Google’s Android ecosystem equipped with a 3D camera which allows for depth sensing and highly accurate facial recognition. To date, only Apple managed to commercialize that functionality in the mobile segment with its iPhone X launched last fall.