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Xiaomi needs to destroy another industry, not just conquer phones, to be worth its $100 billion IPO price tag

Apple rival Xiaomi hopes to raise up to $10 billion through a Hong Kong IPOAFP/Xiaomi CEO Lei Jun unveiled an in-house computer processor in 2017, setting his sights on a global market long dominated by American companies. Its targeted US$10 billion offering will become available to investors by early to mid-July, putting Xiaomi at a potential valuation of $100 billion that, if realized, would make it the world’s biggest IPO debut since Alibaba’s in 2014. Xiaomi’s smartphones have been a growing concern for industry leaders such as Samsung Electronics Co (005930.KS) and Apple(AAPL).