May 3, 2018 / 1:14 AM / a year ago

China's Xiaomi files for IPO; FY17 revenue jumps 68 pct

BEIJING, May 3 (Reuters) - Smartphone and connected device maker Xiaomi filed for a Hong Kong initial public offering on Thursday, in what is expected to be one of the largest listings by a Chinese tech company in almost four years.

The announcement came as the company posted revenue of 114.62 billion yuan ($18 billion) in 2017, up 67.5 percent against 2016. It also said it made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016.

Operating profit for 2017 was 12.22 billion yuan, up from 3.79 billion yuan a year ago.

Alongside smartphones, Xiaomi makes dozens of internet connected home appliances and gadgets, including scooters, air purifiers and rice cookers, although it derives most of its profits from internet services. ($1 = 6.3610 Chinese yuan renminbi) (Reporting by Cate Cadell in Beijing and Rushil Dutta in Bengaluru; Editing by Himani Sarkar and Stephen Coates)

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