Xiaomi Inc. chairman and chief executive Lei Jun appears to be walking back remarks he made earlier that his company has no plans for an initial public offering in the next five years.
Speaking at an event organized by the China Securities Regulatory Commission in Beijing last week, Lei said Xiaomi will not pursue an IPO just for the sake of listing, but will consider it if necessary, the Hong Kong Economic Journal reported.
The smartphone maker had been established with the purpose of creating a great company, and not with the aim of enriching the founders, Lei said.
Xiaomi has no liquidity pressure as it has over 10 billion yuan in cash, the CEO said.
The company will serve as a new benchmark for Chinese products, Lei said, adding that the technology firm is seeking to expand its presence in China and India.
Xiaomi’s latest Mi 5 smartphone is said to have reaped orders from over 13 million people.
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