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Co-founded by billionaire Lei Jun, Xiaomi has a market value of about $50 billion, a far cry from the $100 billion touted last year
The weak pricing values the firm, which also makes internet-connected home appliances and gadgets, at about $54 billion, almost half its original $100 billion ambition earlier this year
Xiaomi had been expected to raise up to $10 billion, split between Hong Kong and mainland China, but last week shelved the mainland offering until after listing in Hong Kong
The billionaire triumvirate join a group of big corporate names backing an IPO that could raise as much as $6.1 billion
Xiaomi has secured Goldman Sachs, Morgan Stanley and CLSA as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers of the Global Offering
Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings but it postponed its mainland offering until it completes its scheduled July 9 Hong Kong listing
Xiaomi could also become the first firm to issue Chinese depositary receipts
Xiaomi last week filed for a debut in Hong Kong that will value the company at $50 billion to $100 billion
According to some analyst estimates, Apple's flagship iPhone X and iPhone 8 have gross margins of around 60 per cent
Here's how it works: Xiaomi sells a smartphone at near-cost, including its MIUI mobile interface. Through that, Xiaomi tracks your usage and learns what you might be interested in
Xiaomi, reporting detailed financials for the first time, posted a net loss of $6.9 billion in 2017
Hong Kong interbank rates are already climbing after years at ultra-low levels as the city's monetary authority buys local dollars to defend a currency peg
Bankers expect Xiaomi's profits to rise sharply in 2018 as its rebound continues