xiaomi seeks to raise up to $6 billion in hong kong ipo

SEOUL, South Korea
Xiaomi, China smartphone maker
Plans to raise up to $6 billion in funding in one of the largest global stock markets in recent years as it tries to become a global hardwareand-
A service brand tied to Apple, Google and Amazon.
Hong Kong\'s initial public offering will make Beijing-
The company\'s headquarters is $70.
3 billion, according to the details released on Saturday.
Xiaomi\'s financing scale will be lower than the $10 billion previously expected by industry observers, and the company is valued at $100 billion.
But it will remain one of the largest tech IPOs after China\'s e-commerce.
Alibaba, a business giant, raised $21.
2014 8 billion.
Xiaomi shares will begin trading on the Hong Kong stock exchange on July 9, with a stock Code of 1810.
After the public release of Hong Kong 2.
Next week, 2 billion shares will be issued to institutional investors at HK $17 to 22 ($2. 2 to $2. 8)per share. The 8-year-
The old company, which also produces robotic vacuum cleaners, air purifiers and televisions, is the star of China\'s unicorn company, which refers to startups worth more than $1 billion.
Samsung\'s position in the Indian smartphone market and Apple\'s in the Chinese market has been broken.
It is also one of the few Chinese companies to succeed in global markets such as India, while attracting fans in South Korea and other places.
IPO means Xiaomi, a self
It is described that Internet companies, while trying to invent a new business model that operates overseas, are strengthening their games in the international market.
Its first challenge is to reduce the reliance on smartphone sales by increasing revenue from other gadgets and Internet services, which accounted for the company\'s revenue in 2017.
At a news conference before the public offering, Xiaomi\'s chief executive, Lei Jun (June), said that Xiaomi\'s business includes sales of Samsung, Google and Amazon, including hardware products. Internet services and e-commercecommerce.
\"We are unique,\" CEO Ray told reporters ahead of a speech describing Xiaomi as a \"new species.
But he did not disclose how such a business model would operate outside China and how the company plans to increase revenue from Internet services.
The public offering will fund Xiaomi\'s global expansion and strengthen its mobile Internet services and artificial intelligence.
1 out of 3 IPO proceeds will be used for Xiaomi\'s hardware research and development, the third part will be used to finance Xiaomi\'s global expansion, and the rest will be used to build an internet ecosystem for its connected devices. Said the company.
Xiaomi\'s Mi-series smartphones have driven Xiaomi\'s rapid rise with their ultra-smart phones
Low prices and competitive quality, but growth in the smartphone market has stalled, especially in developed countries, meaning Xiaomi needs to find new sources of revenue.
The company said it wanted more revenue from other businesses, such as Internet services for consumers using robotic vacuum cleaners, air purifiers, rice cookers and a variety of Internet
The connected device.
\"Xiaomi\'s goal is to increase the revenue ratio of IoT services to 40 to 50 in the next 8 to 10 years,\" Lei said . \".
In 2017, these services accounted for less than the company\'s revenue.
Lei said that users of Xiaomi\'s smart TV platform and other Internet services have \"great potential\" to increase Internet revenue, but he did not disclose details.
More than half of the company\'s Internet service revenue comes from advertising for users.
As one of the richest people in China, Lei is ready to become richer through an IPO.
He received a $1 bonus in April.
5 billion stock compensation for his other company, Smart Mobile Holdings Ltd.
According to Xiaomi\'s filing with the Hong Kong stock exchange, he has contributed to Xiaomi. ——
Koey Yip, a Hong Kong-based associate Press researcher, contributed to the report.