Xiaomi kicked off what is set to be one of the world’s biggest initial public offerings to raise up to $10bn, filing a prospectus that gives investors their first look at the Chinese handset maker’s financials. It is due to list in early July.
Xiaomi made an operating profit of Rmb12.2bn ($1.9bn) last calendar year, triple the previous year. After deducting the cost of redeeming convertible preference shares held by investors that became a pre-tax net loss of Rmb41.83bn.
The numbers also show that, Xiaomi’s phoenix-like rise from its nadir notwithstanding, the company continues to burn through cash, to the tune of Rmb995.67m last year.
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