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Xiaomi reveals huge loss as it expects to provide IPO to investors

NEWS DESCRIPTION

Xiaomi unveiled its lost over $1 billion in the initial 3 months because the smartphone maker of China gears up to offer investors to invest  into the biggest initial public offering(IPO) since the year 2014. The 8 year old company has commenced taking demand of a 1st time share sale which is expected to speed up its enlargement beyond China & bankroll the media services as well as devices development.

Xiaomi

The firm also published its very first version of prospectus for the China Depositary Receipts sale in Shanghai which claims that its plans are likely to use about 40 percent of the proceeds to widen up its worldwide footprint. Xiaomi registered a $1.1 billion i.e  ¥7 net loss on the revenue of ¥34.4 in the 1st quarter. It is an extremely awaited Hong Kong coming out parties in years that taking full advantages of brand new regulation which mostly focused at attracting home grown technology firms to China & Hong Kong.

The co founder of Xiaomi is Lei Jun who is said to be seeking around $10 billion in the IPO which could become the largest first time share sale of the world since Alibaba Group Holding Ltd counted in the America in 2014. It could also become the first firm to issue CDRs which is known to be a signature reform to try & reverse an exodus of its biggest organizations to overseas bourses in coming years.

In the ongoing year, the firm plans to enter or grab positions in the markets of Southeast Asia & Europe. Last month, Xiaomi opened its first store on Paris, while the Xiaomi’s senior vice president Wang Xiang has revealed that several times our firm is looking forward to sell smartphones in the United States of America & meanwhile compete against Apple Inc.


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