Mubasher: Chinese smartphone manufacturer Xiaomi reported a net loss of CNY 7 billion ($1.09 billion) in the first quarter of 2018, according to a filing.

Moreover, the phone maker recorded a net loss of CNY 43.89 billion ($6.85 billion) for 2017, as mentioned in its draft prospectus for the first Chinese depository receipts (CDR) offering.

On the other hand, Xiaomi generated CNY 34 billion ($5.3 billion) in revenues owing to strong sales overseas, the smartphone maker reported a net profit of CNY 1.7 billion ($270 million), excluding one-off accounting charges, driven by an 88% rise in smartphone shipments during the quarter.

This comes ahead of its initial public offering (IPO), which is expected to value the company at nearly $70 billion, while the Chinese giant did not disclose a fundraising target or the number of offered shares.

Meanwhile, the company is set to raise almost $10 billion in Hong Kong IPO in what could be the largest listing globally in nearly four years, Reuters said, citing sources.

Up to 30% of the offering is expected to be sold as CDRs on the mainland, the sources added.