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.

One wildcard remains U.S.-Chinese trade relations, as there have been indications that Xiaomi plans to enter this North American market later this year.

Some numbers, via WSJ: "Xiaomi also reported financial details for the first time. The company reported a net loss of 43.89 billion yuan ($6.9 billion) last year. Excluding one-time charges, it said its profit was 5.36 billion yuan.Revenue rose 67% to 114.6 billion yuan ($18 billion) last year."

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Houston public health system CEO says coronavirus situation is "dire"

Houston's coronavirus situation is "dire, and it's getting worse, seems like, every day," Harris Health System CEO and President Dr. Esmail Porsa said Monday on MSNBC's "Morning Joe."

The big picture: Porsa said the region is seeing numbers related to the spread of the virus that are "disproportionately higher than anything we have experienced in the past." He noted that Lyndon B. Johnson Hospital's ICU is at 113% capacity, and 75% of its beds are coronavirus patients.

Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

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China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.