Xiaomi Reveals 7 Billion Yuan Loss Ahead Of IPO

Mainland smartphone maker Xiaomi has revealed that it incurred a first-quarter loss of 7 billion yuan in a mainland listing document ahead of its blockbuster initial public offering.

The firm had an annual loss of almost 44 billion yuan last year.

The eight-year-old company has yet to turn a profit despite the fact that smartphone sales surged 88 percent to 23.2 billion yuan during the three-month period from a year ago. It didn't say how many handsets it had sold though.

Xiaomi did not reveal a fundraising target or the number of shares on offer in the document.

It is expected to raise about US$10 billion in a Hong Kong IPO that could be the largest listing globally in almost four years and up to 30 percent of the offering is expected to be sold as Chinese depository receipts on the mainland.