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Xiaomi has suffered a quarterly $1 billion loss right before its blockbuster IPO

Xiaomi IPO

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Xiaomi filed for a record-breaking IPO back in May under new Hong Kong rules. The company has now booked a net loss of 7 billion Yuan or $1.09 billion in the first quarter.

It lost a total of 43.89 billion Yuan in the year 2017, as per its draft prospectus. If one-off items are excluded, then it made a net profit of 1.04 billion Yuan in 2018’s first quarter. As of 2017, it amounts to a net profit of 3.9 billion Yuan.

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Regarding smartphones, the shipments for Xiaomi have gone up to 88%. This goes to the persistent growth of the company overseas, contributing to a revenue increment to 34 billion Yuan or $5.3 billion in the first quarter of 2018. On the other hand, 2017 saw it incremented to 114.6 billion Yuan.

According to sources, the company is slated to raise about $10 billion in the Hong Kong IPO. It could turn out to be the world’s largest listing in four years. Xiaomi did not disclose any fundraising target or the number of shares on offer in the filing.

Sources say that up to 30% of the Xiaomi IPO is to be sold as Chinese depository receipt on the mainland.

Via: Reuters

Xiaomi has suffered a quarterly $1 billion loss right before its blockbuster IPO