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Their growth internationally is even more encouraging. For example, Xiaomi topped Samsung to become the largest smartphone company by shipment in the fast-growing Indian market Sydney escort models during the same period, according to Canalys. The company is also a top seller in Russia and Indonesia, and it recently launched in Spain as it eyes more European markets. Read more: Xiaomi Partners With Google For Mi A1 Smartphone, Targeting Developing Markets

With this rapid expansion, lessons learnt in China have been critical. Xiaomi now sells both online and offline in many countries. E-commerce isn’t as developed in emerging economies in particular because they lack the payment and logistics infrastructure to support big internet sales. What’s click here more, some consumers like to try devices firsthand before placing purchases. In Russia, for example, online channels only accounted for 15% of total smartphone shipped, according to Counterpoint Research.

And all of this leads to Xiaomi’s hotly anticipated IPO. But to become an $100-billion company, counting info on smartphone sales alone isn't enough, said Li Wei, a professor of economics at the Cheung Kong Graduate School of Business in Beijing.

This is because margins are still razor-thin amid cutthroat competition, fueling investors’ concerns about longer-term sustainability. According to Counterpoint Research, Xiaomi made an average $2 in profit from each phone sold in the third quarter of 2017. This compares with $151 at Apple, Sydney outcalls $31 at Samsung and $15 at Huawei. Last year, the company was in the red--it reported a net loss of 43.9 billion yuan ($6.9 billion) on revenues of 114.5 billion ($18 billion), as manufacturing costs and marketing Sydney expenses soar. The losses, however, include one-time items such as share-based compensation and changes in the value of preferred shares. Operating profit would be 12.2 billion yuan ($1.9 billion) after excluding those, according to its prospectus.

By aiming so high, Xiaomi is selling its potential as an internet service provider, according to Li. This is in line with founder Lei Jun’s view. He considers Xiaomi’s low-cost gadgets as a gateway to company-distributed games, e-books and financial products such as micro-loans and wealth management funds, which are part of Xiaomi’s MIUI operating system that had 190 million monthly active users last year. In an unusual move, Lei even escorts vowed to forever cap the after-tax income of Xiaomi’s hardware unit at 5%, so more consumers can be tempted to buy the cheap phones but spend a lot more on Xiaomi’s service offerings later.