Xiaomi debuts in Hong Kong for world's biggest IPO since 2014

Its flotation may be the biggest since Alibaba’s $25b listing.

Bloomberg reports that Chinese smartphone maker Xiaomi Corp., has officially filed for an IPO in Hong Kong for what could be the world’s biggest public listing since Alibaba's $25b public debut in 2014.

Xiaomi is the first major firm to take advantage of sweeping reforms introduced by the bourse operator allowing companies with dual class shares or weighted-voting rights to list.

Also read: Hong Kong approves dual class shares and unprofitable biotech listings in sweeping market reform

The company also reported its financials for the first time, posting a net loss of 43.9b yuan in 2017. However, revenue soared 67.5% to 114.5b yuan in 2017.

Also read: Xiaomi reportedly tapped Citic Securities for CDRs amidst mega IPO preparations

The listing is set to buoy Hong Kong’s status in the global IPO rankings, with the aim of narrowing the gap between the dominant Nasdaq and NYSE.

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