Chinese smartphone and connected device maker Xiaomi brought its blockbuster initial public offering to Hong Kong, where it could raise about $10 billion in the largest listing globally in almost four years. The $10 billion fund-raising target, if achieved, will make it the biggest IPO since Chinese internet giant Alibaba Group Holding Ltd (BABA.N) raised a total of $25 billion through a New York listing in 2014.

Xiaomi plans to spend most of the IPO proceeds on three areas: research and development, overseas expansion, and investments, according to its filing.

The company announced on May 7 that it plans to enter France and Italy on May 22 and May 24, respectively. Last week, it announced a deal with CK Hutchison which will see the operator sell its phones in the UK – and other parts of Europe. That carrier deal could help Xiaomi identify European markets with the potential for local launches. Xiaomi’s Android devices — which are known for being both very capable and affordable – first landed in Europe via a launch in Spain last year, but now the company is stepping things up with an aggressive expansion plan.

Xiaomi started eight years ago as the maker of cheaper smartphones, expanding into home products and a mini-platform offering entertainment and other apps- echoing the model adopted by Apple and, in China, Tencent and Alibaba.

Sources: Financial Times, Techcrunch, Reuters, CCILC

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