[Global Network Technology Reporter Chen Jian] Reuters reported on Wednesday that Xiaomi, one of China's largest mobile phone makers, has invited banks to submit bids for the company's initial public offering (IPO) next Friday.

Because millet does not currently sell mobile phones in the United States, many Americans are not familiar with Xiaomi. However, if this IPO passes, Xiaomi’s popularity will be greatly enhanced.

Americans are more familiar with Apple, Samsung, LG and Motorola because their mobile phones are the leaders of the U.S. market. But there are dozens of mobile phone manufacturers in China that are selling brands that Americans have never heard of. Companies like Xiaomi, ZTE, Vivo, Oppo, Huawei, Meizu, and Haier are all in a highly competitive market. Why are there so many participants? Because China's mobile phone market is really big enough.

As of September 2017, there are approximately 1.39 billion mobile phone users in China. To make an interesting comparison, the total population of the United States is only about 325 million. China's market size and population density have enabled many handset manufacturers to successfully enter the mobile phone market. In the United States, a company needs 20% of the market to be considered a top player. But in China, all markets that need to reach 2% reach a sufficiently large scale.

However, this also shows that China is a market with low or difficult barriers to entry. Similarly, many handset makers will see a large number of new competitors entering the market. Apple is one of the many players in the Chinese market and is by no means a leader. If Xiaomi’s IPO is successful, this will be in line with China’s current economic policy initiatives. Among the many products made in China, there is rarely one globally recognized Chinese brand. Although some non-Chinese people have heard of Lenovo and Haier, no Chinese company like South Korea’s Samsung has gained global recognition and global influence.

China wants to change this. Because many people now realize that China’s low-cost labor advantage is rapidly disappearing, China must innovate and increase control over the entire value chain in order to grow. Today, Chinese companies must include designing, manufacturing, and selling their products for greater value. China’s official policy is also that Chinese companies participate in the “going out” strategy. In other words, China wants to develop a number of brands that can succeed in a globally competitive market and compete with some of the best brands in the world. In this way, Chinese companies can learn and experience what technological innovation requires in global competition.

Reuters believes that Xiaomi’s highly anticipated IPO will be a watershed for Chinese industry. As domestic Chinese companies mature in the global context, many Chinese companies may follow Xiaomi's footsteps and change the current dominant position of many non-Chinese brands in many industries.

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