more-inChinese smartphone maker Xiaomi, lining up for a $10 billion IPO, held a rock concert-style launch on Thursday to unveil its latest flagship smartphone and a virtual reality headset developed with Facebook Inc.’s Oculus. Largest global listingXiaomi is expected to command a market value of $70 billion to $100 billion, just eight years after its founding. Raising $10 billion would also make it the largest global listing in almost four years after Alibaba Group Holding Ltd. At the Shenzhen event, chapters of Xiaomi fans carrying colourful banners cheered Mr. Lei onto the stage, the device maker’s charismatic founder who has developed a cult status with the so-called “mi fans” akin to the late Apple founder Steve Jobs. The firm also presented a Xiaomi headset developed with Facebook’s virtual reality unit Oculus, which is now led by former Xiaomi executive Hugo Barra, who attended the event.

Source: The Hindu May 31, 2018 17:04 UTC