(Yicai Global) Jan. 8 -- China's leading smartphone maker Xiaomi Inc. is planning for a USD200 billion valuation when it lists in Hong Kong later this year.
Founder Lei Jun put forward the target in November and investment banks have now approved it, Chinese tech news outlet Ifeng reported today, citing people close to the Beijing-based firm's top management.
Talks of Xiaomi's initial public offering came to light at the end of last year and it could go public as soon as the second half of this year. Reuters and the Wall Street Journal reported on Dec. 1 that it would aim for a valuation of over USD100 billion.
If it debuts for more than that, Xiaomi will become the third-largest Chinese tech company by market cap, behind the world's biggest gaming firm Tencent Holdings Ltd. and e-commerce titan Alibaba Group Holding Ltd., which closed at around USD530 billion and USD480 billion today. At USD25 billion, Alibaba's 2014 stock market listing was the biggest ever.
Xiaomi targeted revenue of CNY100 billion (USD15 billion) on 70 million handset shipments last year. It hit both goals ahead of schedule, maintaining its spot as the world's fifth-largest smartphone maker, Lei said in October. The next month, he forecast the company would sell 100 million units in 2018.