Chinese smartphone manufacturer Xiaomi, is in talks with banks and investors, to raise a staggering $1.5 Billion, in what would be, its fifth round of funding. (via ChinaDaily)
If successful, this $1.5 Billion worth funding, will be the largest investment (excluding IPO) raised by any Chinese company backed by venture capital. This was reported by financial news website Jiemian of the Shanghai United Media Group, on Saturday.
One of the investors, which will be a part of this fund-raising round will be London-based DST Global, which is already behind many succesful ventures, including the likes of Uber.
Xiaomi has said it will spend about $1 billion to expand its own TV content. It hired ChenTong, former editor-in-chief of popular news portal Sina.com, to revamp its Internet video business.
Reports have also surfaced which hint that an IPO may also be in pipeline. Hong Kong-based South China Morning Post reported on Thursday, that Xiaomi Inc., which is valued by variosu analysts at a staggering $50 billion, is aiming for an initial public offering as early as next year.
The Newspaper quoted a source as saying,
Xiaomi is one of the large Chinese technology companies that would tap the IPO market next year. Hong Kong investors seem to be more receptive of hardware than software firms, making the city the likely IPO destination for Xiaomi.
We have contacted Xiaomi regarding this development, and we’ll update you soon, as we hear something.
