Citic Securities, Morgan Stanley, Goldman Sachs sponsors Xiaomi for IPO

Xiaomi could be valued up to $100 billion when it floats
Bankers expect Xiaomi's profits to rise sharply in 2018

Chinese smartphone producer Xiaomi has chosen Citic Securities, Goldman Sachs and Morgan Stanley as joint sponsors for its proposed IPO. The initial public offering could be the world's biggest tech float this year — with the company valued at up to $100 billion - and is expected to come in the second half of the year. A spokesman for Xiaomi declined to comment.

The smartphone maker will add more banks to its IPO later in the process, according to IFR, which reported Credit Suisse, Deutsche Bank, JP Morgan and two Chinese banks were expected to get the nod for roles as joint global coordinators.

A float by Xiaomi - most likely in Hong Kong, would headline a series of hotly-anticipated Chinese tech floats in the city this year. Other expected listings include Lufax, the wealth management platform backed by insurance group Ping An.

Lufax, China's largest online wealth management platform, is expected to sell $6 billion to $9 billion of shares in its IPO, and is seeking a valuation of $60 billion, the South China Morning Post reported on Monday.

In all, bankers anticipate tech companies worth up to $500 billion could seek IPOs in Hong Kong or New York over the next two years, encouraged by investor enthusiasm for recent tech floats and buoyant stock markets.

Asian Market News:

Citic Securities, Morgan Stanley, Goldman Sachs sponsors Xiaomi for IPO

Xiaomi could be valued up to $100 billion when it floats

Bankers expect Xiaomi's profits to rise sharply in 2018

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