Xiaomi leans on India sales after filing for mega IPO

By the end of last year, Xiaomi had topped Samsung Electronics Co. to lead sales charts in India.

Xiaomi Corp., the world’s No. 4 phone maker, has filed for what’s expected to be the biggest initial public offering globally since 2014 with a valuation as high as $100 billion, according to people familiar with the matter. After a challenging 2016, the Chinese company scaled back operations elsewhere to focus on markets including India, targeting that country’s first-time phone buyers. By the end of last year, Xiaomi had topped Samsung Electronics Co. to lead sales charts in India.

A company logo of Xiaomi is displayed on its smartphone during an event announcing a strategic alliance between CK Hutchison and Xiaomi in Hong Kong, China May 3, 2018. REUTERS/Bobby Yip (REUTERS)