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BUSINESS & TECH

Xiaomi’s IPO Pitch Stresses Global Expansion, Downplays Massive Losses

Xiaomi Corp. smartphones are displayed at a company store in Handan, Hebei province, on March 28. Photo: VCG
Xiaomi Corp. smartphones are displayed at a company store in Handan, Hebei province, on March 28. Photo: VCG

* Loss disclosure marks first time the smartphone-maker has made its bottom line public

* Company’s revenue surges 67.5% to 114.6 billion yuan in 2017 after year of flat growth

(Beijing) — Smartphone maker Xiaomi Corp. lost a massive 44 billion yuan ($6.92 billion) last year as it stepped up a global expansion that has made it one of China’s first brands to get more than half of its sales outside its home market, its newly filed initial public offering (IPO) prospectus showed.

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