Xiaomi Posts a Loss of $1.09 Billion For The First Quarter Ahead of IPO

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    The Chinese smartphone maker Xiaomi Corp reported its first quarterly loss of 7 billion yuan ($1.09 billion) ahead of its initial public offering (IPO), as per a filing.

    It has also stated a net loss of 43.89 billion yuan for the whole of 2017 in its draft prospectus of Chinese depository receipts (CDR) published in Shanghai on Monday. It is expected to be the first CDR as per a Reuters report.

    Xiaomi Posts a Loss of $1.09 Billion For The First Quarter Ahead of IPO

    The eight-year-old company prepares to seek investors for the world's largest IPO since 2014. The CDR says that the company plans to use 40 percent of the proceeds to expand its global reach. Xiaomi opened its first store in Paris last month and is hoping to set a footprint in the US.

    For the first three months of the year, smartphones made up for 67.5 percent of its sales, down from 70 percent in 2017. Smart-home devices like air-purifiers, scooters and internet services like mobile applications made up to 31.8 percent.

    Xiaomi is said to be seeking $60 to $70 billion in valuation from the IPO, which is jointly sponsored by banks including CLSA, Goldman Sachs and Morgan Stanley in Hong Kong and CITIC Securities in mainland China.

    Read more about: xiaomi
    Story first published: Monday, June 11, 2018, 16:30 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more