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BUSINESS & TECH

Xiaomi to Keep Bleeding Cash

Smartphones are displayed at a Xiaomi store on Nathan Road, Hong Kong on May 7. Photo: VCG
Smartphones are displayed at a Xiaomi store on Nathan Road, Hong Kong on May 7. Photo: VCG

Chinese smartphone-maker Xiaomi Corp. has acknowledged that it will continue to hemorrhage cash in the near term as it ramps up investment in technology, new products and services, as well as its global expansion.

The world’s No. 4 smartphone-maker posted a net loss of 7 billion yuan ($1.1 billion) during the first quarter, according to its draft prospectus issued on Monday to the regulator in what could be the first offering of Chinese depositary receipts (CDRs). Xiaomi had a net loss of 43.9 billion yuan for the whole of 2017.

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