 "Mi, Xiaomi")
Xiaomi Corp. has once again shown impeccable timing in raising funds, backed by a narrative that entices people into believing they got hold of a hot stock. Investors ought to remember what happened the last time China’s second-largest smartphone maker sold them on a tale of growth and wealth.
Two years ago, Xiaomi (and its bankers) weaved a narrative about a company that produced devices for no profit in order to make money from a raft of services, including advertising. There were those who thought that this innovative business model warranted a $100 billion valuation. Instead, it listed in
Two years ago, Xiaomi (and its bankers) weaved a narrative about a company that produced devices for no profit in order to make money from a raft of services, including advertising. There were those who thought that this innovative business model warranted a $100 billion valuation. Instead, it listed in
