Xiaomi IPO

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Co-founded by billionaire Lei Jun, Xiaomi has a market value of about $50 billion, a far cry from the $100 billion touted last year

The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, almost half its original $100 billion ambition earlier this year

Xiaomi had been expected to raise up to $10 billion, split between Hong Kong and mainland China, but last week shelved the mainland offering until after listing in Hong Kong

The billionaire triumvirate join a group of big corporate names backing an IPO that could raise as much as $6.1 billion

Xiaomi has secured Goldman Sachs, Morgan Stanley and CLSA as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers of the Global Offering

Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings but it postponed its mainland offering until it completes its scheduled July 9 Hong Kong listing

Xiaomi could also become the first firm to issue Chinese depositary receipts

Xiaomi last week filed for a debut in Hong Kong that will value the company at $50 billion to $100 billion

According to some analyst estimates, Apple's flagship iPhone X and iPhone 8 have gross margins of around 60 per cent

Here's how it works: Xiaomi sells a smartphone at near-cost, including its MIUI mobile interface. Through that, Xiaomi tracks your usage and learns what you might be interested in

Xiaomi, reporting detailed financials for the first time, posted a net loss of $6.9 billion in 2017

Hong Kong interbank rates are already climbing after years at ultra-low levels as the city's monetary authority buys local dollars to defend a currency peg

Bankers expect Xiaomi's profits to rise sharply in 2018 as its rebound continues