Xiaomi has started gauging demand for a first-time share sale intended to boost its expansion beyond China and bankroll the development of devices and media services. It also published its first prospectus for the sale of China Depositary Receipts in Shanghai.
“In 2018, the company plans to enter or consolidate positions in Southeast Asian and European markets,” Xiaomi said in its Chinese prospectus, which did not mention a fundraising target.
Xiaomi posted a net loss of CNY 43.89 billion for the twelve months of 2017, according to its draft prospectus, Reuters reports. When one-off items are excluded, Xiaomi posted a net profit of CNY 1.04 billion in the first quarter, compared with CNY 3.9 billion for the whole of 2017. Xiaomi’s smartphone shipments grew by 88 percent boosted by strong growth overseas, helping the company’s revenue rise to CNY 34 billion (approximately USD 5.3 billion) for the period, compared to CNY 114.6 billion for the twelve months of 2017.
