Chinese smartphone maker Xiaomi on Thursday filed for an initial public offering in Hong Kong but did not disclose the amount it’s looking to raise or its projected valuation.
Reports have suggested it could become the largest listing by a Chinese tech company in nearly four years.
In its disclosure to Hong Kong Exchanges, Xiaomi said that the proceeds will be used for investments into its “ecosystem” in certain product areas, its global expansion and for research and development.
The company posted 114.62 billion yuan ($18 billion) in revenue for 2017, up 67.5 percent from the year before.
Operating profit rose sharply from 3.79 billion yuan in 2016 to 12.22 billion yuan last year. Still, Xiaomi lost 43.89 billion yuan in 2017, compared with a 491.6 million yuan profit the year before.
Xiaomi’s total revenue from smartphones jumped more than 65 percent in 2017 to 80.56 billion yuan. That coincided with a resurgence in key markets including China and India.
In the first quarter of 2018, Xiaomi muscled its way into fourth place among the top smartphone vendors by shipment, according to the International Data Corporation.
The Dow Jones news wire, citing people familiar with the matter, said Xiaomi is looking to raise at least $10 billion that could value it at around $100 billion.
Apart from smartphones, Xiaomi makes home devices, wearable devices, scooters, air purifiers and rice cookers.
