Xiaomi, the so-called ‘Apple of China,’ just recorded $1 billion in quarterly loss ahead of its $10 billion IPO

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The Chinese smartphone maker Xiaomi recorded a quarterly net loss of $1.09 billion USD.
The news comes ahead of the company’s IPO, which is expected to raise $10 billion according to sources.
The IPO could be the largest global listing in almost four years.

Chinese smartphone maker Xiaomi booked a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering.

That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus.See the rest of the story at Business Insider

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