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Xiaomi, the Chinese smartphone maker, has posted a net loss of 7bn yuan (£800m) ahead of its blockbuster initial public offering (IPO).

The Beijing-based company is planning on raising an estimated £7.48bn when it floats in both China and Hong Kong later this month.

The companys latest losses compare to a net loss of 43.89bn yuan for the whole of 2017.

Read more: Smartphone-maker Xiaomi to raise up to $3bn in mainland China

When one-off items are excluded, Xiaomi said it made a net profit of 1.04bn yuan in the first quarter of the year, compared with 3.9 billion yuan for the whole of 2017.

The companys smartphone shipments leapt 88 percent thanks to strong growth overseas, helping revenues rise to 34bn yuan, compared to 114.6bn yuan for all of last year.

Read more: Xiaomi looks to raise $10bn for Hong Kong float

Xiaomi is planning to raise up to $3bn of its $10bn IPO by selling shares in mainland China, while offering the remaining shares on the Hong Kong stock exchange.

The IPO is set to be the worlds biggest listing in the last four years and one of the first in under new Chinese rules designed to attract big tech listings.

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