Smartphone maker Xiaomi Corp will lower its initial public offering goal to between $70 billion and $80 billion, according to The Wall Street Journal, citing people familiar with the matter on Tuesday.

Previously, some analysts had predicted the firm's IPO, which is expected to be floated on Hong Kong stock market, size will reach $100 billion to become the world's biggest IPO since 2014.

Xiaomi is China's third-largest unicorn firm, ranked by the country's Ministry of Science and Technology.

Before Xiaomi's arrival in Hong Kong, some other unicorns such as Zhongan Online P&C Insurance, China Literature, Yixin Group, Razer and and Ping An-backed Good Doctor had listed on the stock market.

But the five's share prices slumped over 40 percent and the market values also shaved 140 billion yuan in total, after these firms experienced the share price boom and the high valuation before IPO.