An electronic ad for Xiaomi Technology in Shanghai. Photo: AFP

China Mobile, one of the big three telecommunication operators in China, will become one of the cornerstone investors of the tech unicorn Xiaomi, which is preparing for a Hong Kong IPO, The Paper reported.

Though China Mobile declined to disclose the exact amount of the investment, it is reported that the total scale could reach US$100 million.

In addition, Chinese delivery giant SF Express also confirmed it will invest in Xiaomi, without disclosing any further details.

It has been reported that American semiconductor and telecom equipment designer Qualcomm is also in talks with Xiaomi about possible investments.

 Xiaomi is expected to kick off the share subscription as early as Thursday, planning to raise no more than US$6.1 billion. Its IPO price could fall into the range of HK$17 to $20.

According to the prospectus, Xiaomi’s total revenue in the first quarter reached 34.412 billion yuan, with a net profit of 1.699 billion yuan.

Throughout 2017, Xiaomi’s net profit was 5.36 billion yuan.

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