Xiaomi will be listed

Xiaomi, the Chinese smartphone maker, has appointed Goldman Sachs and Morgan Stanley to lead a flotation later this year, which could value the group as high as $100 billion in the biggest tech IPO since Alibaba floated in New York in 2014. The Beijing-based company has selected the two global banks to lead a public sale of shares, which will probably be in either Hong Kong or New York… Xiaomi would join a number of powerful Chinese tech companies listed on the public markets, alongside Tencent and Alibaba, with more tech-focused IPOs expected by analysts to come to the market from China later this year… Xiaomi, which was valued at more than $45 billion in its last funding round three years ago, went through a difficult period last year that burnt through its cash. But it appears to have turned a corner in the middle of last year… Xiaomi is still behind Huawei, Oppo and Vivo in China by handset sales. Like Xiaomi, the last two brands — which are owned by the same company — have moved on to India, where they have also scooped up customers, and are now aiming for Europe. Xiaomi has rolled out a chain of stores selling its handsets as well as other connected devices, mainly home appliances such as rice cookers. This means people can buy products more regularly than they would with handsets alone, and can be targeted with ads and cross-selling opportunities.
Emma Dunkley and Louise Lucas