Why did Xiaomi register a loss for issuing preferred stocks?

I read in this article the following:

Xiaomi previously registered a 43.9 billion RMB ($6.9 billion) loss in 2017 on account of issuing preferred shares to investors (54 billion RMB) but it did post a slim profit in 2016.

I looked everywhere to find an explanation, but only find something similar:

MEITUAN (3690.HK) reported a loss of 115.5 billion yuan in 2018, which was
mainly caused by the fair value realization of preferred stock (104.6 billion yuan) after listing.

Thank you.