To be fair some of those loses are one off-items which probably needed to be sorted out before the IPO.

When one-off items are excluded, Xiaomi said it made a net profit of $162,398,496 in the first quarter, compared with $162,398,496. for the whole of 2017.

Its smartphone shipments jumped 88 percent thanks to strong growth overseas, helping Xiaomi’s revenue rise to $5.3 billion for the period.

Xiaomi did not reveal a fundraising target or the number of shares on offer in the filing.

It is expected to raise about $10 billion in a Hong Kong IPO that could be the largest listing globally in almost four years, sources have said.

Up to 30 percent of the offering is expected to be sold as Chinese depository receipts on the mainland, sources have also said.