Xiaomi files much-anticipated IPO set to value company at $100bn

Chinese smartphone company Xiaomi has finally filed its much-anticipated initial public offering.

The IPO has been filed on the Hong Kong Stock Exchange and takes advantage of new stock market regulations which allow companies with different share classes to list in the city. This has been taken as a positive sign for Hong Kong, as Xiaomi could have turned to New York.

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The filing is set to be the biggest IPO for a Chinese company since 2014, when Alibaba made its $25bn debut on the New York Stock Exchange.

The media has said the offering could be worth $10bn and could value the business at as much as $100bn.

The company became a Unicorn within a year or so of its foundation but then faced supply chain issues. 2016 was a tough year for Xiaomi but this was helped by an increase in sales thanks to new concentration on India, where the company has now become the number one smartphone provider.