Affiliates key to Xiaomi's IPO dreams

Tech giant to raise funds for bigger push in internet of things industry

As Xiaomi Corp scrambles to progress its reportedly $100 billion valuation initial public offering plan, how the Chinese tech giant deals with its more than 100 affiliated companies could determine its long-term value, analysts said on Monday.

Xiaomi, best-known as a leading smartphone vendor, has so far invested in 157 companies, most of which are consumer hardware manufacturers, according to ITjuzi, a China-based startups database.