Chinese smartphone maker Xiaomi on Thursday filed for an initial public offering in Hong Kong but did not disclose the amount it's looking to raise or its projected valuation.
Reports have suggested it could become the largest listing by a Chinese tech company in nearly four years. The Wall Street Journal, citing a source familiar with the matter, reported that Xiaomi was looking to raise at least $10 billion that could value the company at around $100 billion.
In its disclosure to Hong Kong Exchanges, Xiaomi said that the proceeds will be used for investments into its "ecosystem" in certain product areas, its global expansion and for research and development.
The filing provides a look into the company's finances ahead of the anticipated IPO.
Xiaomi posted 114.62 billion yuan ($18 billion) in revenue for 2017, up 67.5 percent from the year before.
Operating profit rose sharply from 3.79 billion yuan in 2016 to 12.22 billion yuan last year. Still, the company lost 43.89 billion yuan in 2017, compared with a 491.6 million yuan profit the year before.
Xiaomi's total revenue from smartphones jumped more than 65 percent in 2017 to 80.56 billion yuan. That coincided with a resurgence in key markets including China and India.
In the first quarter of 2018, Xiaomi was fourth among the smartphone vendors by shipments, according to International Data Corporation. The research firm said in a report this week that less than half of Xiaomi's shipments for the quarter were within China.
It is "a transition that very few Chinese companies have reached," the report said.
Xiaomi took about 31 percent of market share in India for the quarter that ended in March, research firm Canalys said last month.
'Internet of things'
Xiaomi said it brought in about 23.5 billion yuan in revenue last year from its "internet of things" and lifestyle products business.
Meanwhile, its internet services business raked in about 9.9 billion in revenue for 2017, up 51.4 percent from the year before. The company said in March 2018 that it had 190 million monthly active users on its operating system for smartphones and tablets.
Apart from smartphones, Xiaomi makes internet-connected home devices, scooters, air purifiers and rice cookers. It also sells online content, entertainment and financial services.
Xiaomi's IPO will be one of the first in Hong Kong under new rules that went into effect on Monday to attract more tech listings, according to Reuters.
Previously, companies with dual-class share structures were not allowed to list on the Hong Kong stock exchange, according to reports. That made Hong Kong less attractive to companies than places such as New York or Shanghai.