Xiaomi Seeking Final IPO Approval Next Week: Report

Xiaomi is moving ahead with its initial public offering plans and will be seeking final approval of the move from the Hong Kong Stock Exchange next Thursday, June 7. Sources cited by Bloomberg said the firm's efforts meant to allow for a listing in the first half of July may still fail and see the IPO pushed back, depending on the volume of questions securities regulators in the Far Eastern country end up asking. Previous reports suggested the tech giant will be targeting a valuation of up to $80 billion as it seeks to raise some $10 billion in cash.

As its IPO plans are progressing, Xiaomi is preparing for the final product launch event of its startup phase, having today confirmed its Mi Band 3 wearable will be introduced alongside the Mi 8 Android flagship this Thursday, May 31. In a recent post on Chinese social media network Weibo, Xiaomi Chief Executive Officer Lei Jun also verified that the device he was spotted wearing at last month's launch of the Black Shark gaming phone was the company's next-generation fitness tracker. The Thursday event is also expected to see the introduction of the Mi Router 4 and a number of other gadgets from one of the world's most valuable startups.

Mr. Lei said he's been personally experimenting with the Mi Band 3 over the last several months but hasn't provided more details on the product. Multiple previous leaks are pointing to an OLED-equipped offering with curved 2.5D glass and no physical buttons. A heart rate monitor is still expected to be part of the package, together with a waterproof design, vibration engine, and an accelerometer. The Mi Band 2 was introduced in early June of 2016 and while Xiaomi revised the product on several occasions with some limited-edition models, it has been postponing the release of a full-fledged successor due to the fact that the wearable enjoyed consistent commercial success over the following two years, having been praised by both consumers and critics for its aggressively value-oriented approach to fitness tracking.

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