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Xiaomi's plan to go public has been approved by the Hong Kong stock exchange, according to a person familiar with the matter.

The smartphone maker passed its so-called ipo hearing on Thursday, the sources said on condition of anonymity. Xiaomi plans to begin assessing investor demand in the coming days.

Since xiaomi filed its prospectus last month, there have been conflicting statements about the company's valuation. Bloomberg had reported that xiaomi's IPO would be priced between $60 billion and $70 billion. Caixin reported today that the initial price of xiaomi's IPO could reach $81 billion, with an expected price range of $70 billion to $80 billion.

Xiaomi may become the first innovative company to list with CDR. Its "h-share + CDR" model is similar to the "h-share + ADR" model represented by China telecom, with depository receipt pricing or IPO pricing. Xiaomi's offering will include three parts: Hong Kong public offering, international offering and CDR a-share offering.

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