China's Xiaomi posts $1 billion first quarter loss ahead of blockbuster IPO

HONG KONG (Reuters) - Chinese smartphone maker Xiaomi recorded a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering, according to a filing. That compares with a net loss of 43.89 billion yuan for the whole of 2017, according to its draft prospectus for what is expected to be the first Chinese depository receipts (CDR) offering.