Chinese smartphone maker Xiaomi is eyeing a $50 billion IPO as early as next year, according to a report from Bloomberg.

The Beijing-based company has to challenge phone competitor Huawei in its home market, selling 21 million units in the second quarter of 2017.

It's recently expanded beyond handsets, announcing an and rivaling Amazon's Echo with an . In 2014 Xiaomi was valued at $46 billion, which at the time made it the most valuable start-up in the world.

The company is considering a Hong Kong IPO for next year, The Information first reported, citing sources familiar with the company.

Read the full Bloomberg report here.