Xiaomi smartphones on display at a store in Shanghai on Dec 21, 2017. [Photo/VCG]

China's tech company Xiaomi may file its application for an initial public offering to the Stock Exchange of Hong Kong next week, reported securities news portal cs.com.cn Thursday.

This might be the first IPO when IPO applications under dual-class shares structures would be accepted starting April 30. Market insiders said that Xiaomi was confident of a valuation of over $100 billion while rumored valuations varied between about $70 billion and $200 billion.

Charles Li, chief executive of Hong Kong Exchanges and Clearing Ltd, told the Wall Street Journal on April 24 that he was confident that the city will land some of the biggest listings in the future, including Saudi Arabian Oil Co and tech giant Xiaomi .

Key sponsors for Xiaomi's Hong Kong IPO are CITIC Securities, Morgan Stanley and Goldman Sachs, according to Tencent's news portal qq.com.

Xiaomi did not comment on the possible IPO when contacted by chinadaily.com.cn on Thursday.

Lei Jun, founder of Xiaomi, said on Tuesday that the company would cap its after-tax revenue for hardware products within 5 percent and would return revenue above that level to customers in a "reasonable way".