Smartphone maker Xiaomi preps $10 billion IPO

Photo by Fred Defour/AFP

Xiaomi, a Chinese maker of smartphones and other personal electronics, has filed to go public in Hong Kong with expectations that it will seek to raise at least $10 billion.

Why it's a big deal: This would be the world's largest IPO since Alibaba went public in September 2014. It's also a massive win for Hong Kong, which recently relaxed rules to permit dual-class share listings.