本文以香港證券交易所在2017年12月宣佈改革後，2018年7月份小米集團選擇在香港上市，探討公司在上市前後是如何做出最符合公司利益的相關決策，以及小米如何進行評價並訂定上市價格。個案首先分析了小米的經營狀況以及營收中細項的構成，並分析小米的商業模式，發現小米是一家除了手機業務，今年來還在不斷發展IOT和互聯網公司的綜合性企業。小米公司選擇在2018年進行IPO，主要是考量了業績的改善以及“優先股”贖回的問題。在上市市場的選擇上，通過分析內部因素，並且比較兩市場的外部因素。在綜合考量下，小米會選擇在香港作為IPO地點。再用DCF法對小米公司進行估值。最後對上市的股價表現做一個後續追蹤，並且對股價的下跌給出合理的解釋理由。

Based on the reform announced by the Hong Kong stock exchange in December 2017 and Xiaomi group's selection of listing in Hong Kong in July 2018, this paper discusses how the company makes relevant decisions that are most in line with the company's interests before and after the listing, as well as how Xiaomi evaluates and sets the listing price. The case first analyzes Xiaomi's business situation and the composition of the revenue, and analyzes its business model. It is found that Xiaomi is a comprehensive enterprise that has been developing IOT and Internet companies in addition to mobile phone business this year. Xiaomi chose 2018 as the year for its IPO, citing improved performance and redemption of its preferred stock. In the selection of the listed market, the internal factors are analyzed and the external factors of the two markets are compared. All things considered, Xiaomi will choose Hong Kong as its IPO venue. Then use DCF method to evaluate Xiaomi. Finally, the market reaction was observed after the listing, and the decline of Xiaomi's share price was analyzed.

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