Here's how Xiaomi can still become the world's most expensive phone maker

Xiaomi is seeking a valuation that's more than triple the multiple Apple Inc

Even after dialling back its valuation ambitions, Xiaomi Corp. still has a shot at becoming the world’s most expensive major maker of phone gear.

The Chinese smartphone brand is marketing shares in its Hong Kong initial public offering at as much as 51.3 times this year’s estimated earnings, a person with knowledge of the matter said. That valuation, which assumes an over-allotment option is fully exercised, would be the highest for any communications equipment vendor globally with a market capitalization of at least $10 billion, according to data compiled by Bloomberg.

Xiaomi is seeking a valuation that’s more than triple the multiple