Xiaomi sees Q1 loss ahead of IPO in HK

Advanced Search

The story appears on

Page A10

June 12, 2018

GET this page in PDF

Free for subscribers

View shopping cart

Xiaomi sees Q1 loss ahead of IPO in HK

Source: Agencies | 00:01 UTC+8 June 12, 2018 |

Print Edition

CHINESE smartphone maker Xiaomi booked a first-quarter net loss of 7 billion yuan (US$1.09 billion) ahead of its blockbuster initial public offering.

That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus.

When one-off items are excluded, Xiaomi said it made a net profit of 1.04 billion yuan in the first quarter, compared with 3.9 billion yuan for the whole of 2017. Its smartphone shipments jumped 88 percent due to strong growth overseas, helping Xiaomi’s revenue rise to 34 billion yuan for the period. That compares with 114.6 billion yuan for all of last year.

Xiaomi did not reveal a fundraising target or the number of shares on offer in the filing.

It is expected to raise about US$10 billion in a Hong Kong IPO that could be the largest listing globally in almost four years, sources have said.

Up to 30 percent of the IPO is set to be sold as Chinese depository receipts on the mainland, sources have also said.

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Xiaomi sees Q1 loss ahead of IPO in HK

Email this to your friend