An employee holds a MI Mix 2S smartphone inside a Xiaomi Corp. store in Paris, France, on Friday, May 25, 2018. Chinese smartphone maker Xiaomi opened it's first store in Paris and plans for more shops in France, Spain and Italy, testing the appetite of consumers in developed markets as its executives consider a U.S. expansion. Photographer: Christophe Morin/Bloomberg
Xiaomi Corp revealed it lost more than US$1bil (RM3.97bil) in the first three months, as the Chinese smartphone maker prepares to persuade investors to buy into the largest initial public offering since 2014.
The eight-year-old company has begun gauging demand for a first-time share sale intended to fuel its expansion beyond China and bankroll the development of devices and media services. It also published its first prospectus for the sale of China Depositary Receipts in Shanghai on June 11, saying it plans to use about 40% of the proceeds to enlarge its global footprint. Xiaomi reported a 7bil yuan (RM4.36bil) net loss on revenue of 34.4bil yuan (RM21.42bil) in the first quarter.
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