When Xiaomi Corp.\u2019s founders were eating millet congee at an office in Beijing\u2019s Zhongguancun neighborhood in 2010, they decided to create a smartphone brand selling handsets at \u201chonest\u201d prices. Eight years later, Lei Jun and the seven other Xiaomi co-founders have created a company that wants to challenge the global industry dominance of Apple Inc. and Samsung Electronics Co. It\u2019s also targeting an initial public offering that\u2019s expected to be the largest since 2014, and which could create five new billionaires. Xiaomi last week filed for a debut in Hong Kong that will value the company at $50 billion to $100 billion, according to six analysts surveyed by Bloomberg. Lei, the chairman and chief executive officer, is the biggest shareholder with a 31.4 percent stake, while his fellow founders control 27 percent of the company, according to the prospectus. While Lei and Lin Bin, Xiaomi\u2019s president, are already billionaires, a $50 billion valuation would create three new billionaires. A market value of $100 billion would see five of Lei and Lin\u2019s co-founders reach that mark, an example of how rapidly the world\u2019s second-biggest economy is forging the mega-wealthy. Among the world\u2019s 500 richest people, there are 40 Chinese - the second most after the U.S. - with a combined wealth of $464 billion, according to the Bloomberg Billionaires Index. The company declined to comment on the net worth of its founders. Just how big these fortunes will be may hinge in part on how many new shares are issued, with estimates of the public float ranging from 15 percent to 25 percent. However, the market\u2019s continuing appetite for tech companies is in doubt. Online health-tech service provider Ping An Healthcare and Technology Co. dropped below the offer price on its first day of trading in Hong Kong last week. \u201cDuring the past few quarters, post-IPO listing performance has been mixed," said Sundeep Gantori, equity analyst at UBS Global Wealth Management, commenting on the surging number of IPOs from Chinese tech companies. A valuation at the higher end of Xiaomi\u2019s expected range depends on investors accepting the company as an internet darling and not just a maker of cheap phones, said Mo Jia, an analyst at Canalys in Shanghai. Even if Xiaomi achieves that lofty valuation, \u201cit\u2019s hard to say how long it can last.\u201d A $50 billion valuation with a 25 percent public float comprising only newly-issued shares would value Lei\u2019s stake at $11.8 billion, while a $100 billion market cap with a 15 percent float would boost his stake value to $26.7 billion. That would also bring his total net worth to $28.3 billion, including investments in Kingsoft and YY Inc., making Lei China\u2019s fourth-richest person after Alibaba Group Holding Ltd.\u2019s Jack Ma, Pony Ma of Tencent Holdings Ltd., and Hui Ka Yan, chairman of China Evergrande Group. If Lei and the others decide to sell some of their existing holdings in the offering, that could affect the final valuation.