A month after it filed for a much-anticipated Hong Kong IPO, Xiaomi has revealed a little more financial information after a monster 621-page document disclosed a $1.1 billion (seven billion RMB) loss for the first quarter of the year.
The IPO, which could raise up to $10 billion value Xiaomi at high as $100 billion, is set to be the largest IPO raise since Alibaba went public in the U.S. in 2014. That prospect got a boost with a dose of positive financial growth despite a loss incurred by one-off payments.
The document filed was an application to issue a CDR as part of a dual-listing that would include Mainland China, showed that Xiaomi’s revenue for the quarter jumped to 34 billion RMB, or $5.3 billion. That’s compared to 114.6 billion RMB ($17.9 billion) in total sales for all of last year, according to digging from TechCrunch partner site Technode.
While Xiaomi posted a loss for the quarter, the firm actually posted a 1.038 billion RMB ($162 million) profit for the period when one-time items are excluded. Xiaomi previously registered a 43.9 billion RMB ($6.9 billion) loss in 2017 on account of issuing preferred shares to investors (54 billion RMB) but it did post a slim profit in 2016.