Xiaomi Corp‘s market value has just crossed the 100 billion US Dollar mark. The company has finally reached its IPO goal set in 2018, which it had failed to achieve back then.
According to a Bloomberg report, the Chinese tech giant’s market value cross 100 billion US dollars after it rallied as much as 9.1 percent earlier this week in Hong Kong. This marked a new record for the company and even made it the 13th stock in the city’s Hang Seng Index to have a market capitalization that was over 100 billion US Dollars. The company ended the day 7.6 percent higher, with a market value of 802 billion Hong Kong Dollars (roughly 103 billion US Dollars).
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Back in 2018, Xiaomi had aimed at a 100 billion US Dollar evaluation for its initial public offering. Although, the company had managed to achieve only half of that original goal upon its debut. Since then, the company has seen great success across the globe, especially in 2020. The news arrives after the smartphone maker saw strong sales with its shares having nearly tripled in 2020 after its post IPO struggles.
In November 2020, Xiaomi had reported its fastest quarterly sales growth in two years. These earnings had surpasses analysts’ expectations as the company remains one of the few Chinese tech firms that are able to see strong growth outside of its home country China. At the moment, the brand is also benefitting from China’s rollout of 5G technology, while also taking advantage of Huawei‘s current situation to take over its domestic market share as well.
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