Xiaomi, ‘China’s Apple’, makes debut in Spain at world’s biggest mobile show ahead of IPO
In first appearance at Barcelona event, all eyes on the ‘Apple of China’ as it gears up for listing after solid performance last year
While the Beijing-based company hosted a smartphone launch two years on the sidelines of the Mobile World Congress (MWC), this year marks its first appearance as an official exhibitor at the world’s largest gathering for the mobile industry. Xiaomi also opened its first Mi store in Barcelona over the weekend, its third in Spain, as it sought to raise its profile internationally.
“Even though Xiaomi is not releasing any new phones at MWC, it’s a good opportunity to show the world the range of products they have,” said IDC’s senior market analyst Tay Xiaohan. “Consumers outside China may not be as familiar with Xiaomi’s existing ecosystem and the range or products that they have.”
Projecting a more international image will help Xiaomi attract more global investors for its planned share sale. While the company said it does not comment on listing plans, the Beijing-based company has appointed investment banks to work on its IPO on the Hong Kong stock exchange, according to a person with knowledge of the matter. Market speculation that Xiaomi would seek a listing intensified after the company staged a dramatic turnaround following a lacklustre performance in the prior year.
Here are snapshots on the eve of the world’s biggest mobile industry gathering in Barcelona
“Xiaomi’s global sales were solid in 2017, and its performance in China was also good,” Xiaomi’s founder and CEO Lei Jun said on his official Sina Weibo account on February 22, citing data from IDC that showed its Chinese shipments surged 57.6 per cent in the fourth quarter last year despite the country’s 15.7 per cent slump in smartphone shipments.