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Xiaomi selects Hong Kong exchange for IPO

Called the Apple of China, Xiaomi is looking to raise at least $10 billion.

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Xiaomi Mi 4 (CNET/CBS Interactive)

Xiaomi, one of the largest China-based smartphone makers, has said it will go public in Hong Kong in what could be the largest IPO this year.

Xiaomi submitted documents Thursday to list shares on the Hong Kong stock exchange, according to Bloomberg. The Apple competitor didn't detail exactly when it will go public or how much it's looking to raise. Sources speaking to Bloomberg said the IPO will at least raise $10 billion and could value the business at as much as $100 billion.

In a first official look at its financials, Xiaomi's filing showed revenue increased 70 percent in 2017 to 115 billion yuan ($18 billion). Operating profit more than tripled to 12 billion yuan ($1.9 billion) over a loss more than a year ago.

Experts are speculating Xiaomi could be the largest IPO worldwide since Alibaba's public debut in 2014.

According to research firm IDC, Xiaomi is the fifth-largest smartphone maker, shipping more than 92 million devices last year.