Chinese smartphone giant Xiaomi has filed for an expected $10-billion (R126-billion) listing on the Hong Kong stock exchange in what would be the world's biggest flotation since 2014. The phone maker, founded in 2010, would be the biggest float since Chinese online retail behemoth Alibaba listed in 2014, potentially valuing the Beijing-based company at $100-billion. Xiaomi has grown into a powerhouse of phone sales as the world's fourth-largest smartphone company. It is one of the top players in China's smartphone market, recording sales that far outstrip US rivals such as Apple. Its models have proved a hit, with mid-range prices that undercut profitable premium phones from Samsung and Apple. The listing is expected to raise $10-billion, while its filing has revealed the young company's financial results for the first time. Xiaomi recorded profit of $1.9-billion, with $18-billion of revenue last year. The float is expected in the second half of this year. The company saw its sales ...
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