Xiaomi may go public with $50 billion stock offer
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.
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.