Biz / Tech

Xiaomi aims to double overseas revenue in 2018

The Beijing-based company is also preparing to enter the US market, amid media reports it is talking with banks about an IPO valued at up to US$50 billion.
Xiaomi aims to double overseas revenue in 2018
ti gong / Ti Gong

Qualcomm 's new Snapdragon 845 mobile platform will be used in many Android models next year, including Xiaomi's flagship Mi 7.

Xiaomi Corp aims to double overseas revenue in 2018 by expanding in areas such as India and Europe, as well as possible new business in the United States.

The company is “seriously preparing” to enter the lucrative US market, Xiaomi chairman Lei Jun told a Qualcomm tech conference in the United States on Wednesday.

He said a further announcement would be made about the US plans.

Various media reports said Xiaomi is seeking an IPO valued about US$50 billion and that the company is already in talks with banks. Lei declined to comment on that.

But he said Xiaomi plans to invest heavily on research, its eco-system and new advanced manufacturing. The company has established a 12 billion yuan (US$1.8 billion) fund for the Internet of Things and new materials.

Xiaomi’s global revenue is expected to jump 300 percent year on year in 2017 and about another 100 percent next year, Lei said on the sidelines of Qualcomm's Snapdragon Tech Summit, which opened on Wednesday.

Xiaomi has taken the No. 1 position in India, the world’s second largest market only after China and is one of the top five players in 12 overseas smartphone markets, including Russia, Greece and Singapore.

Qualcomm released new Snapdragon 845 mobile platform on Wednesday. Xiaomi will use Qualcomm’s new platform in its next-generation flagship model Mi 7.

Qualcomm’s license and patent resources will help Xiaomi's global expansion plans, industry insiders said.

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