Xiaomi reported a loss of 43.89 billion yuan loss for 2017-2018. In the current financial year, 2018-2019, for the first quarter. it has reported a loss of 7 billion yuan.

According to a draft prospectus, China’s Xiaomi has reported a $1.09 billion (7 billion yuan) loss ahead of its initial public offering (IPO).

In 2017, the Chinese smartphone maker reported a net loss of 43.89 billion yuan.

Xiaomi’s blockbuster IPO will be its first Chinese depository receipts (CDR) offering.