SHENZHEN, China: Chinese smartphone maker Xiaomi, lining up for a US$10bil (RM39.83bil) IPO, held a rock concert-style launch on May 31 to unveil its latest flagship smartphone and a virtual reality headset developed with Facebook Inc's Oculus. Xiaomi is expected to command a market value of US$70bil (RM278.84bil) to US$100bil (RM398.35bil), just eight years after its founding. Raising US$10bil (RM39.83bil) 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 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 Star June 01, 2018 04:52 UTC