Xiaomi Loses Over $1 Billion Ahead Of IPO

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi booked a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering. That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus. When one-off items are excluded, Xiaomi said it made a net profit of 1.04 billion yuan in the first quarter, compared with 3.9 billion yuan for the whole of 2017.