Chinese smartphone maker Xiaomi is currently in talks about a potential Initial Public Offering (IPO) as early as next year. Top company executives will be hoping for a valuation of at least $50 billion, with some of them optimistically holding out for an even higher figure.

Xiaomi was valued at $46 billion in 2014 when it last sought an injection of capital, raising more than $1 billion at that time. Hong Kong is considered the most likely destination for the business in an IPO that could raise as much as $5 billion this time around, although there is still some trepidation among bankers.

Little Rice (the literal translation of Xiaomi) was founded in 2010 and went on to become the world's most valuable startup. It's often seen as an Apple copycat, but thanks to aggressive marketing and clever social media activities, the company has been able to compete with Huawei and Oppo in its home country while also taking on Samsung in India, where it's now number one in market share.