Xiaomi Files For World's Biggest IPO Since 2014

People walk past a Xiaomi store in Beijing China

The exchange operator had modified its regulations to accommodate such companies after losing Alibaba's dual-class listing to NY because rules at the time only allowed a single share class. It also said it made a net loss of CNY 43.89 billion versus a profit of CNY 491.6 million in 2016.

In 2017, Xiaomi's revenue was 114.62 billion yuan (about 18.33 billion USA dollars), up 67.5 percent from 2016.

According to research firm IDC, Xiaomi has also steadily expanded its overseas market and less than half of its phone shipments in the first quarter of this year were domestic.

Xiaomi is a lot more than a smartphone company.

Xiaomi said its gross profit margin for smartphones was 8.8 percent previous year, which is much lower than the estimated profit margin of around 60 percent that Apple has for its flagship iPhone devices. Domestic rivals Huawei, Oppo and Vivo surpassed Xiaomi in 2016 but the company bounced back to become the world's fourth largest smartphone maker after Samsung, Apple and Huawei.

A wave of other huge Chinese tech companies are also reportedly considering going public in the next year, including online payments giant Ant Financial. Now it is the turning of another Chinese company, Xiaomi, to have its own 15 minutes of fame.

More news: BP profits jump 71% in Q1 2018 on rising oil prices

The Beijing-based company Thursday laid the groundwork for a blockbuster initial public offering in Hong Kong, capping a remarkable turnaround for what only 18 months ago was looking like one of China's biggest tech flameouts.

Xiaomi still depends on China for the majority of its revenues, a challenge given that that market is nearing saturation.

Typically, companies that offer different types of stock issue two classes, one that has normal voting rights, and one with "super voting" rights that's usually reserved for founders, executives and other large stakeholders.

Co-founder and CEO Lei Jun said in a recent interview that CDRs are "an excellent idea" and 'a great policy invention.' Under his leadership, the company is on a spree to enter developed markets of smartphones and is as well consolidating itself in the emerging markets.

Xiaomi will be implementing dual-class shares.

Xiaomi may just shatter the glass ceiling with backers like CLSA, Morgan Stanley and Goldman Sachs Group sponsoring their IPO.

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