Qiming congratulates Xiaomi on its successful IPO on the Hong Kong Stock Exchange
SHANGHAI, July 12, 2018 /PRNewswire/ -- Qiming Venture Partners ("Qiming") would like to congratulate Xiaomi Corp (HKSE: 1810) on its successful IPO on the Hong Kong Stock Exchange on July 9th, 2018. Not only are we pleased with the extraordinary return profile of this landmark IPO, but we are equally impressed by the various milestones that Xiaomi has achieved in the global technology industry and capital market.
Xiaomi was founded 8 years ago by a truly visionary and talented founding team led by Lei Jun. Within only seven years of its establishment, the company has evolved from a humble start-up to a giant global technology leader with annual revenue of over RMB 100 billion, a truly remarkable record.
Xiaomi's IPO was the pilot case advocated by the Hong Kong Stock Exchange under the new reform released this year to allow for dual-class share structure. It was also the largest technology IPO on the Hong Kong Stock Exchange to date which raised a total of HK$ 24 billion ($3 billion). Looking back at the history of high profile global technology IPO, Xiaomi's IPO valuation ranked among the top three together with Alibaba and Facebook.
Qiming is very honoured to be a part of the unprecedented growth story of Xiaomi as an early investor of the company. Qiming first invested in Xiaomi in its Series A round closed in 2010. Since then Qiming has invested a total of $15.3 million in the company before its IPO, and still holds approximately 3.72% post-IPO.
Since the debut, Qiming has backed over 280 investments distributed among Internet and consumer ("Intersumer"), healthcare, information technology and clean technology sectors. At least 20 private companies in the Qiming portfolio are now valued at $1 billion or more, and 17 of which have grown up to be unicorns in the industry, including UBTech, We Doctor Group, Face++, APUS, Mobike, Tujia.com, Tuhu.cn, TutorGroup (VIPABC), Zhihu, Luojisiwei, Gan & Lee, Meituan-Dianping, Wacai.com, Musical.ly, Meili Inc. and Sino Biological. In the last 20 months, 11 Qiming portfolio companies successfully completed IPOs in Mainland China, Hong Kong and the US, with multiple M&As.
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SOURCE Qiming Venture Partners