Electronics company Xiaomi, best known for their affordable smartphone business, filed for an IPO on the Hong Kong Stock Exchange Thursday morning following the release of financial figures for 2017.
As Reuters reports, the listing could value Xiaomi at $100 billion, almost five times what fellow Chinese tech firm Alibaba raised in 2014.
The company’s financials showed 2017 revenue of RMB 114.62 billion ($18 billion), a 67.5% increase from the previous year. Operating profit grew from RMB 3.79 billion to RMB 12.22 billion in the same period, whereas net profits fell from RMB 491.6 million to a net loss of RMB 43.89 billion last year.