The IPO plans will be one of the first in Hong Kong under new rules designed to attract tech listings.

The listing is expected to give Beijing-based, Cayman-domiciled Xiaomi a market value of between $80 billion and $100 billion, just eight years after it came onto the scene in China.

The $10 billion fund-raising target, if achieved, will make it the biggest IPO since Chinese internet giant Alibaba Group Holding Ltd (BABA.N) raised a total of $25 billion through a New York listing in 2014.

The IPO could be launched as early as the end of June, and Xiaomi was looking to sell about 15 percent of its enlarged capital in the offering.

Nothing official has been stated yet, but a prospectus gave investors the first detailed look at Xiaomi’s financial health ahead of the IPO, showing resilience in a slowing global smartphone market thanks partly to a push into overseas markets like India.

Revenue was $18 billion in 2017, up 67.5 percent against 2016. Xiaomi plans to spend most of the IPO proceeds on three areas: research and development, overseas expansion, and investments, according to its filing.

Alongside smartphones, Xiaomi makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers, and rice cookers.