https://wccftech.com/xiaomi-1-billion-usd-loss-ahead-of-ipo/

Ahead of its blockbuster IPO, Xiaomi has released a 621-page document that reveals the company booked a net quarterly loss of a mammoth $1.1 billion for the first quarter of 2018. The upcoming IPO could raise the $10 billion valuation of the company to $100 billion and it is said to be the largest initial public offering after Alibaba’s IPO back in 2014.

In its eight years of existence, Xiaomi hasn’t turned a profit and the latest loss was revealed as a part of the company’s filing to list China depositary receipts. The document is a part of a dual-listing including Hong Kong and Shanghai and reveals that the company’s revenue for the quarter decreased to $5.3 billion compared to $17.9 billion from last year.