Xiaomi may go public with $50 billion stock offer

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Founder, chairman and CEO of Chinese smartphone maker Xiaomi Lei Jun got a pedestal at the Qualcomm Tech Summit today to once again introduce the world to his company. Just 7 years old, it has expanded from making just smartphones to building home appliances, bikes, laptops and a fandom of millions. Oh, and smartphones.

As it begins to make moves beyond its traditional spheres of business in China, India and Russia, it figures that it will need more money to reach beyond Europe, Southeast Asia and Mexico.

Bloomberg reports from sources that the company is now pursuing anywhere from $50 billion to $100 billion on the stock market that may end up in an initial public offering at the Hong Kong stock exchange. The Information had earlier reported that the offer could be made in the second half of next year.

High street analysts are skeptical that Xiaomi can even reach its minimum target. Jun believes that he has an ace card in India where his brand may topple Samsung as the most popular in smartphones. The company was slotted at a $46 billion valuation in 2014.

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About The Author
Jules Wang

Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.