China Startup Eyeing $100 Billion IPO Vows to Limit Profits [Bloomberg Business News]
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Source: Bloomberg Business News
Chinese smartphone maker Xiaomi Corp. is making unusual preparations for what may be the world’s biggest initial public offering this year. The Beijing-based company, led by serial entrepreneur Lei Jun, is promising to limit the net profit margin in its hardware business "forever” to no more than 5 percent, according to an emailed statement. The policy will apply to smartphones -- its biggest revenue source -- as well as other gadgets it makes. It pledged to distribute the excess amount to its users if the margin exceeds the cap in coming years. The unlikely proposal comes as Xiaomi is planning an IPO that could value the company at as much as $100 billion. The profit cap signals that Xiaomi believes it can generate healthy profits from the services it provides alongside its hardware, including video streaming, online financing and advertising. “It is a very aggressive target and commitment,” said Nicole Peng, senior director at the research firm
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