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Report: Xiaomi targets June 7 listing hearing for $10B IPO

Xiaomi Corp. is targeting a June 7 listing hearing in Hong Kong for its $10 billion initial public offering, Bloomberg News reported, citing people close to the matter.

The Beijing-based smartphone maker on May 3 filed an application for what could be the biggest listing in 2018. The IPO is expected to raise at least $10 billion with the company discussing a possible valuation of between $60 billion and $70 billion.

Xiaomi's decision followed the Hong Kong Exchange and Clearing Ltd. listing rule change, which has been seen as a catalyst to bring such companies to the city. The rules, which came into effect April 30, cover specific criteria for qualified biotech companies that have to yet to generate revenue or profit and innovative companies with weighted voting rights structures to list in Hong Kong.

However, analysts have said that the blockbuster IPO in Hong Kong paired with the recent listing reforms may not be enough to give the city a competitive edge in the global tech space, citing Hong Kong's largely "prescriptive" regime.

According to the May 3 filing to the Hong Kong Exchange, the company's revenues of 114.6 billion yuan in 2017 marked a 67.5% year-over-year increase.

The IPO announcement follows reports that Chinese internet giant SINA Corp. is looking at a secondary listing on the Hong Kong Exchanges and Clearing Ltd.

As of May 25, US$1 was equivalent to 6.39 Chinese yuan.