Tech

China's Xiaomi posts $1 billion first quarter loss ahead of blockbuster IPO

Key Points
  • Chinese smartphone maker Xiaomi recorded a first-quarter net loss of 7 billion yuan ($1.09 billion).
  • The financial report comes ahead of its blockbuster initial public offering.
A Xiaomi smartphones sits inside one of its stores.
Zhang Peng | LightRocket | Getty Images

Chinese smartphone maker Xiaomi recorded a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering, according to a filing.

That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus for what is expected to be the first Chinese depository receipts (CDR) offering.