Original equipment manufacturer Xiaomi unexpectedly appeared in Manhattan, New York City, earlier this week, with its Product Manager Director Donovan Sung resolving to showcase a number of recent advancements from the company in the consumer electronics space. The Chinese firm and one of the most valuable startups in the world is presently in the middle of organizing an initial public offering, making the timing of its American event unconventional. In a statement provided to Forbes, Xiaomi suggested it has been planning the Manhattan showcase for a while as it wanted to demonstrate its progress in the West regardless of the IPO.
The company that's presently in its ninth year of existence only left China four years ago but has already managed to establish itself as the fourth-largest smartphone maker in the world. It's also currently challenging Samsung for the title of the top handset company in India just three years after entering the fastest-growing mobile market on the planet. Its stateside ambitions remain small relative to the size of its global operations, with many industry watchers speculating that state of affairs can be explained by potential patent licensing issues Xiaomi would run into if it ended up retailing its handsets in the United States. The firm is presently retailing less than a dozen of its products on the American version of Amazon, none of which are smartphones, though its Mi A1 Android One phone can be purchased in the country through resellers.
Xiaomi's long-term strategy should remain largely unchanged following its IPO which is expected in the first half of July, with the firm repeatedly signaling it's still looking to prioritize growth through aggressively priced products over profits. The OEM reportedly opted for a dual-listing in Hong Kong and mainland China, with its regulatory filings pointing to a valuation target of up to $80 billion. Xiaomi is expected to raise some $10 billion in cash with its summer IPO.