Xiaomi, the Chinese smartphone maker, one of the biggest smartphone brands in China, is picking banks ahead of an IPO at a possible valuation of $100 billion. Xiaomi is the fourth biggest smartphone maker in China, behind Huawei, Oppo, and Vivo. Despite its slowing performance in China, Xiaomi has pushed ahead in India, where it is one of the top three smartphone makers.
In a note to employees at the beginning of 2017, Lei Jun, Xiaomi founder admitted that the firm had grown too quickly, dogged by supply chain issues and competition from cheap local rivals.
The firm holds around 14% of its home market , making it still bigger than Apple, but far behind Huawei on 19%. In his note, Lei Jun said the firm was aiming for 100 billion Chinese Yuan ($15.5 billion, £11.3 billion) in revenue for 2017 – which the company hit within 10 months.
According to Bloomberg, Xiaomi is thinking of entering the US market – though it may be put off by what’s happened to its peer Huawei. Huawei’s big push into the US last week was scuppered by US carriers pulling back on distribution deals on security fears. Morgan Stanley, Goldman Sachs, Credit Suisse, and Deutsche Bank are all working on the flotation, though Xiaomi may still pick additional Chinese underwriters. An IPO could come in the second half of 2018.
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