Xiaomi filed for the world’s biggest IPO since 2014 under the new IPO rules of Hong Kong. It has also become the first major company to abide by the new rules that are allowing companies with different share classes for the listing in the city.

The Xiaomi IPO filing didn’t reveal any target amount for the smartphone maker. However, people with knowledge of the case said that at least $10 billion can be expected to raise from the listing. They as well stated that this could take the business value to as high as $100 billion.

Xiaomi reported a net loss of 43.9 billion Yuan or $6.9 billion for the year 2017. Although, revenue of 114.5 billion Yuan had been there as a makeup of 67.5% in the last year. It’s listing in Hong Kong IPO opens up for the city to rival the American market.

Considering that, Hong Kong Exchanges & Clearing Ltd. would be celebrating for Xiaomi’s filing. Its officials went through some tedious past years in fighting a ban on weighted-voting rights. These rights provide founders and executives with control, even in cases where they have minority ownership.

Xiaomi is expected to issue Chinese depository receipts for when it goes public. Citic Securities from the homeland will be handling the CDR issuance. The nation’s State Council has already approved the plans regarding CDR, although timing and details are yet to be disclosed. CLSA of Citic Securities is a joint sponsor of the IPO along with Morgan Stanley and Goldman Sachs,

Co-founder and CEO Lei Jun said in a recent interview that CDRs are ‘an excellent idea’ and ‘a great policy invention.’ Under his leadership, the company is on a spree to enter developed markets of smartphones and is as well consolidating itself in the emerging markets. Last year saw it enter Spain, and presently talks are going on with U.S. carriers to sell devices in the American turf.

Alongside making smartphones, Xiaomi is into backing startups as well. It invested in dozens of startups to cover a broad range of products, starting from wearables to rice cookers, electric bikes and more. The entire ecosystem has displayed a total sales of 20 billion Yuan for 2017, which is double of the same from the previous year.

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