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Chinese electronics giant Xiaomi files for IPO in Hong Kong

The company's seeking to raise $10 billion, according to Bloomberg and the South China Morning Post.

Xiaomi-Redmi-5-Plus

Xiaomi makes pretty good phones, including this Xiaomi Mi Mix 2.

Aloysius Low/CNET

Xiaomi has officially filed for an initial public offering in Hong Kong, according to its regulatory documents listed on the Hong Kong stock exchange.

The move comes as Xiaomi gains momentum with its smartphone sales, having bounced back from a slump in 2015, which saw it fall behind rivals Huawei, Oppo and Vivo in China. Since then, the company has returned to form, with over 91.4 million smartphones sold in 2017, as reported in its filing.

The IPO, which aims to raise $10 billion, could be valued at a high of $100 billion, reports Bloomberg. Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017. It's currently the No. 4 phone manufacturer in the world behind Samsung, Apple and Huawei.

According to Strategy Analytics, Xiaomi doubled its phone shipments in the first quarter of 2018 to 28.3 million, compared with 39.3 million for Huawei, 52.2 million for Apple and 78.2 million for Samsung.

Xiaomi declined to comment for this story, though a spokesperson confirmed the IPO filing.

The road to the Chinese company's success comes as it focuses its resources in India, which saw it beating fierce rival Samsung for the top spot earlier this year. While there's no word yet on a US expansion -- there are likely plans for a late 2018 or 2019 launch. And the company has been slowly but surely moving toward that, with its US online store, where it sells all manner of consumer electronics, from smart home cameras to electric scooters.

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