The Beijing-based smartphone and gadget maker filed its application for an initial public offering to the Hong Kong stock exchange on Tuesday. The IPO could make him China's richest man, according to reports which suggest he controls a stake of over 75 percent. This is a result of loosened rules for allowing companies with multiple classes of shares to raise equity.
The papers, which appeared on the bourse's website, did not indicate how much Xiaomi is potentially looking to raise in the IPO. Some reports recently have suggested that the company's IPO could put the valuation at close to $100 billion, but one person close to the situation said that company is planning to go public at a value lower than $100 billion.
Bill Banning Sale Of Oxybenzone Sunscreens Passed
When signed by governor David Ige, bill SB2571 will be the first such law anywhere in the world, taking effect on January 1, 2021. Lim and other critics say people would be discouraged from wearing sunscreen altogether and skin cancer cases would increase.
Xiaomi's listing in Hong Kong looks to be a win for the region's new stock exchange rules. The company has posted a net loss of 43.9 billion yuan in 2017 while the revenue increased by 67.5 percent past year. The revenue of Xiaomi clocked 114.62 billion yuan ($18 billion) in 2017, up 67.5% from 2016.
Xiaomi's IPO document unveiled many of its financial numbers for the first time. Lei Jun, Co-founder and CEO, said CDRs was "an excellent idea" and a "great policy innovation".
Xiaomi has a presence in over 30 countries. Neither company has said which phones will be making their way to the United Kingdom, although we are of course hoping the stunning Mi Mix 2S will be included.
'Avengers: Infinity War' - Who is Captain Marvel?
Infinity War has made over $800 million worldwide since its April 27 release, including a record-breaking Rs 173 crore in India. After all, the superheroes may have been completely defeated by Thanos, but there is still hope for redemption in Avengers 4 .
Other recent major China capital markets roles for CC have included the firm's work on the $1.1bn Hong Kong IPO of Tencent Holdings subsidiary China Literature's a year ago.
Xiaomi doubled its shipments in 2017 to become the world's fourth-largest smartphone maker, according to Counterpoint Research, defying a global slowdown in smartphone sales. Xiaomi, which initially had an online presence, opened hundreds of retail stores and also its strong growth in the home market and India were major factors for its resurgence.
While Xiaomi is present in 74 countries and regions, it is yet to crack the USA smartphone market, something that it intends to do this year. By the end of past year, Xiaomi had topped Samsung Electronics to lead sales charts in India.
United States judge: Iran trained 9/11 attackers
The hijackers crashed commercial airliners into the World Trade Center in NY and the Pentagon in Washington. A default judgement is issued when a defendant does not contest the case in court.