Beijing-based smartphone giant Xiaomi has filed its application for an initial public offering (IPO) to the Hong Kong Stock Exchange, local media is reporting (in Chinese). The long-anticipated blockbuster IPO might be the world’s biggest one in 2018.

While the filing didn’t specify the exact amount Xiaomi is looking to raise, sources familiar with the matter said it would be at least $10 billion, which would put the IPO as the 15th biggest of all time. The IPO is expected to value Xiaomi’s business at around $100 billion.

Xiaomi recently has gone through some major shakeup in its top management. Just days before its IPO filing. Two of Xiaomi’s co-founders, Zhou Guangping and Huang Jiangji, announced their departure from the company for personal reasons (in Chinese).

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.