Xiaomi to step up global expansion pace after IPO

Despite posting a more than $1 billion loss in the first quarter of 2018, Xiaomi Corp said it plans to accelerate global expansion by using 40 percent of the capital that it will raise from the sale of China Depositary Receipts to boost its overseas presence.

The plan, revealed in Xiaomi's first prospectus for the sale of CDRs in Shanghai on Monday, came as the eight-year-old company is putting finishing touches to its mega-sized Hong Kong initial public offering, which will be the world's largest since 2014.

Xiaomi revealed it posted a 7 billion yuan ($1.1 billion) net loss on revenue of 34.4 billion yuan in the first three months of this year. Excluding one-time items, the company said it made a profit of 1.04 billion yuan.