China's Xiaomi promises to cap hardware income margin ahead of IPO [Reuters]
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Source: Reuters
China's Xiaomi promises to cap hardware income margin ahead of IPO | Reuters Reuters Staff 3 Min Read BEIJING (Reuters) - Chinese smartphone and smart device maker Xiaomi will cap income from its hardware business at 5 percent of total profits starting in 2018, as it looks to position itself as an internet services provider ahead of a highly-anticipated IPO. Xiaomi - which makes dozens of internet-connected products including scooters, water purifiers and televisions - said in a statement on Wednesday that any profits from hardware exceeding the 5 percent quota will be distributed among users, without giving specific details. The promise comes as the company is looking to market its internet services business to investors ahead of an IPO that could potentially value the smartphone maker at $100 billion. “We have always viewed our hardware as the gateway to providing our users with Internet services,” said founder and Chief Executive Lei Jun. Xiaomi has enlisted CLSA, Morgan Stanley an
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