Xiaomi, the Chinese smartphone maker¹, has appointed Goldman Sachs and Morgan Stanley to lead a flotation later this year, which could value the group as high as $100bn in the biggest tech IPO since Alibaba floated in New York in 2014.

中国智能手机制造商小米(Xiaomi)已任命高盛(Goldman Sachs)和摩根士丹利(Morgan Stanley)在今年晚些时候牵头完成其上市交易，这可能是自阿里巴巴(Alibaba) 2014年在纽约上市以来最大规模的高科技公司首次公开发行(IPO)，对小米集团的估值可能高达1000亿美元。

The Beijing-based company has selected the two global banks to lead a public sale of shares, which will probably be in either Hong Kong or New York, according to two people close to the plans.

据两位知情人士透露，这家总部位于北京的公司已经选择了上述两家全球性银行来牵头此次股票发售，上市地点可能在香港或纽约。

The IPO could value the group at up to $100bn, according to people familiar with the listing plans, which would make it the sixth largest company on the Hong Kong stock exchange by market capitalisation behind AIA, the insurance group.

据了解小米上市计划的人士表示，此次IPO对小米集团的估值可能高达1000亿美元，使其成为香港交易所(HKEx)以市值计第六大公司，排在它前面的是保险集团友邦保险(AIA)。

Xiaomi would join a number of powerful Chinese tech companies listed on the public markets, alongside Tencent and Alibaba, with more tech-focused IPOs expected by analysts² to come to the market from China later this year.

小米将加入已在公开市场上市的多家中国实力雄厚的科技公司之列，与腾讯(Tencent)和阿里巴巴并肩。分析师们预计，今年晚些时候中国将有更多高科技企业上市。

Goldman and Morgan Stanley declined to comment. Xiaomi did not respond to requests for comment.

高盛和摩根士丹利拒绝置评。小米没有回应记者的置评请求。

Some analysts are sceptical of the $100bn price tag given the high levels of competition in the global smartphone market, not least from domestic rivals such as Huawei, Oppo and Vivo.

一些分析师对1000亿美元的估值表示怀疑，指出全球智能手机市场竞争激烈，尤其是来自华为(Huawei)、Oppo和Vivo等国内对手的竞争。

But bankers who have seen the numbers, however, said it was possible, pointing to the success of a recent turnround plan under founder³ and chief executive Lei Jun.

但是看到相关数字的银行家们表示这是可能的，他们指出，小米创始人和首席执行官雷军近期的扭转局面计划取得了成功。

“Based on the numbers we’ve seen, they’ve absolutely restructured the business,” said one banker. “It’s profitable now, they have got a strategy around creating an ecosystem⁴ of connected devices that they are able to monetise through value added services.”

一位银行家表示：“根据我们所看到的数字，他们已经彻底重组了业务。现在它是盈利的，他们围绕创建一个网联设备的生态系统制定了战略，能够通过增值服务实现创收。”

It is not clear yet where Xiaomi will float. Some analysts and bankers said Hong Kong’s move to embrace companies with dual-share class structures could attract Xiaomi. Hong Kong proposed plans at the end of last year to allow dual-class shares for companies deemed “innovative⁵” to better compete against New York and London for new listings.

尚不清楚小米会在哪里上市。一些分析师和银行家表示，香港接受双层股权结构上市公司的举措可能会吸引小米。香港在去年底提出计划，允许被视为“创新型”的公司采取双层股权，以更好地与纽约和伦敦展开竞争，争取新的上市公司。

“Lei would never cede⁶ control,” said one banker.

一位银行家说：“雷军永远不会放弃控制权。”

But some analysts said an IPO of the size envisaged⁷ by the company suggested that the bigger New York exchange was the more logical home.

但一些分析师表示，从该公司设想的IPO规模来看，较大的纽约证交所才是更合乎逻辑的地点。