It will be world's biggest debut in 2018 and the largest after another Chinese tech giant Alibaba's 2014 listing which helped it raise United States dollars 25 billion, the BBC reported. After seeing falling sales in phones, the company invested in offline retail, building some 200 stores across China. In March this year, Xiaomi's count went up to 190 million monthly active users, but the report doesn't have a corresponding revenue figure.
"We are building an open global ecosystem, and not a walled garden", said Lei, who with co-founder Lin Bin will continue to control the post-IPO company through a special class of shares.
Kanye: 'Class War' One Reason Trump Won Presidential Election
"When I wear that hat, it's like a fight for equality, like, 'Oh I can wear this hat too, '" West said . "... But there is fact and real word outcome behind everything you just said, ' he continued.
Xiaomi, in its deliberate move, is trying to pour huge investments and expand beyond borders. With China and India as its successful markets, Xiaomi is reportedly looking at expanding to other markets including the USA, where Apple is the dominating brand. Xiaomi has portrayed a consolidated image in the emerging markets and now it is looking forward to entering developed markets for smartphones. By the end of previous year, Xiaomi had topped Samsung Electronics Co.to lead sales charts in India. However, the company experiences trouble, suffering a fall in 2016 in its sales of smartphones, as it was hit with problems with its supply chain. In its filing Thursday, the company said that in the event of trade or import protection policies, "our business and operations may be adversely affected". It also leads the market in the second most populous country with 31% share. The company has also grown its overseas market, becoming the number one smartphone seller in India in the last quarter of 2017.
The electronics maker decision to list comes off the back of rapid growth for the company. In India and China Xiaomi started expanding its offline presence. Consequently, Xiaomi's quarterly shipment share swell to 7.2% in Q4 2017 from just 3.3% in Q4 2016.
Xiaomi's listing plans come as the company and its investors look to capitalise on a bull run for the Hong Kong market, with the benchmark Hang Seng Index rising about 27 per cent over the past year.