Xiaomi Group (HKEx stock code: 1810) is a large-scale mobile Internet enterprise in China, which is engaged in the research and development of intelligent hardware and electronic products and the ecological construction of smart homes. It was established on April 6, 2010 and is headquartered in Beijing, China. Xiaomi Company was founded by Lei Jun, with seven founders, namely founder, chairman and CEO Lei Jun, co-founder President Lin Bin, co-founder and vice presidents Li Wanqiang, Zhou Guangping, KK Wong, Liu De and Hong Feng.By 2019, the number of employees in Xiaomi Group was nearly 18,200., and do business in markets in more than 90 countries and regions around the world.
On July 9, 2018, Xiaomi was listed on the main board of the Hong Kong Stock Exchange in the name of "Xiaomi Group", becoming the first listed company to adopt different voting rights structure after the listing system reform of the Hong Kong Stock Exchange. Xiaomi is also the fourth mobile phone company with self-research capability of mobile phone chips after Apple, Samsung and Huawei.
Through its eco-chain brand MIJIA and its sub-brands Redmi (Redmi) and POCO, Xiaomi’s product line has expanded from mobile phone peripheral products such as smart phones and headphones, mobile power supplies and related mobile intelligent hardware such as speakers and bracelets to home consumer products such as smart TVs, set-top boxes, routers, air purifiers and rice cookers.
Xiaomi has built the world’s largest consumer IoT platform, connecting more than 252 million smart devices (excluding smartphones and personal computers), and the monthly active users of MIUI reached 309.6 million. Xiaomi has invested in nearly 400 companies, covering intelligent hardware, consumer goods, education, games, social networks, culture and entertainment, medical and health care, automobile transportation, finance and other fields.
Since 2019, Xiaomi has been selected into the list of the world’s top 500 and the "Top 100 Most Valuable BrandZ in the World". In 2019, Xiaomi was selected into the world’s top 500 for the first time, ranking 468.[16], ranked 422nd in 2020. In August 2019, Xiaomi ranked 15th among the Top 100 Internet Enterprises in China in 2019 released by internet society of china and the Information Center of the Ministry of Industry and Information Technology. In October 2019, Forbes ranked 56th in the 2019 Forbes Global Top 100 Digital Economy List released by Forbes. Ranked 7 th in the 2019 Fortune Top 50 list.
On April 9, 2010, Xiaomi Technology was formally established in Beijing.
In August and December of 2010, Xiaomi released MIUI, a third-party firmware based on deep customization of Android system, and Mi Chat, the first mobile application.
On August 16th, 2011, Xiaomi officially launched its first hardware product-Xiaomi mobile phone (the first generation), which created a sales model of snapping up smart phones with high configuration and low price on the Internet.
In 2012, Xiaomi wholly bought Beijing Duoyue Technology Co., Ltd. and entered the field of e-book reading. Reading more is its website, and there is a corresponding App. On November 18, 2019, Xiaomi released its first electronic paper book hardware product-Xiaomi read more electronic paper books.
In July 2013, the red rice mobile phone, which is an independent product of the youth version of Xiaomi mobile phone, was officially released, and the Xiaomi brand mobile phone officially launched the dual product line strategy. After a lapse of five and a half years, on January 2, 2019, Redmi’s product line was upgraded to a sub-brand of Redmi, and Lu Weibing, former president of Gionee Group, served as the general manager of Redmi brand.
On February 28th, 2017, Xiaomi released its first self-developed system chip, 澎湃 S1, becoming the fourth smartphone manufacturer to independently develop system chips after Samsung, Apple and Huawei.
On May 3, 2018, Xiaomi officially submitted an IPO application to the Hong Kong Stock Exchange in the name of "Xiaomi Group". On July 9, 2018, it was listed on the same stock with different rights, and it is planned to be included in the Hang Seng Composite Index on July 23.
On November 19, 2018, Meitu Company and Xiaomi Group announced a strategic partnership with a term of 30 years.
On May 9, 2019, Xiaomi Group and Shangcheng Group announced that their joint venture company Insight Fintech HK was granted a virtual banking license by the Hong Kong Monetary Authority. Among them, Xiaomi holds 90% of the shares and Shangcheng holds 10%.
On July 10, 2019, Lei Jun, founder, chairman and CEO of Xiaomi, said in Weibo that the new headquarters of Xiaomi Group in Beijing was officially completed on July 9, 2019 and the opening ceremony was held.[25]. The new headquarters of Xiaomi Group was named Xiaomi Science Park, which consists of 8 office buildings with a construction area of 340,000 square meters and a total cost of 5.2 billion RMB.
On July 23, 2019, Lei Jun sent an internal letter to Xiaomi employees, referring to the fact that the company was listed in Fortune Global 500 companies, ranking 468 in the world, and became the youngest Fortune Global 500 company in history (except for the merger).
On October 27, 2019, Xiaomi Group announced that Lin Bin was appointed as the vice chairman and will continue to serve as the operation director and president, responsible for managing the company’s mobile phone R&D department; Zhou was appointed as an operation director and will continue to serve as senior vice president and chief financial officer; Liu Qin was appointed as a member of the Audit Committee; Lu Weibing is the president of Xiaomi Group in China and continues to be the general manager of Redmi.
On May 21st, 2020, Xiaomi Group announced that it would acquire 49.91% equity of Zimi International Corporation.
On November 2, 2020, less than 20 minutes after the launch of Xiaomi Group’s comprehensive offline "Smart Life" activity, the payment amount of Xiaomi double 11 has exceeded RMB 1 billion.
On November 5, 2020, Lei Jun, Chairman and Chief Operating Officer of Xiaomi Group, said at the Xiaomi Developer Conference that the company would gradually increase its R&D investment and hire 5,000 more engineers next year, covering ten key areas, including camera imaging technology, fast charging, and 5G and 6G communication standard technologies.[30]
On December 11th, 2020, Xiaomi Group is applying for a number of trademarks of Lei Jun with the pinyin of "Lei Jun", covering metal materials, means of transport, musical instruments, jewelry and clocks, etc.
On the morning of January 4, 2021, Xiaomi Group’s Hong Kong stocks hit a record high at the beginning of the session, rising by 3.464% to HK$ 34.35 at 11:03 am, with a total market value of HK$ 865.132 billion. At this point, Xiaomi’s share price has doubled compared with the issue price of HK$ 17, fulfilling the listing promise.
Xiaomi has maintained a high growth rate since its establishment. Xiaomi Company sold 7.19 million mobile phones in 2012, 18.7 million in 2013, 61.12 million in 2014, over 70 million in 2015, 23.16 million in Q2 2017 and 92.4 million in 2017. More than 120 million mobile phones were sold in 2018, and 125 million mobile phones were sold in 2019. According to market share, it has been ranked fourth in the world since 2018.[34], is the latest among the major mobile phone manufacturers in the world.
In 2019, Xiaomi sold 10.21 million TV sets in Chinese mainland, ranking first in Chinese mainland market.
According to Xiaomi’s 2018 annual report, Xiaomi recorded a revenue of RMB 174.9 billion in 2018, a year-on-year increase of 52.6%. Adjusted net profit increased by 59.5% year-on-year to RMB 8.6 billion. According to the statistics of IDC Consulting (Beijing) Co., Ltd. ("IDC"), smartphone shipments ranked fourth in the world during the reporting period. The number of IoT devices (excluding smart phones and laptops) connected to the IoT platform reached about 150.9 million, up 193.2% year-on-year, consolidating the market leading position. As of December 31, 2018, the number of smart devices equipped with artificial intelligence assistant "Little Love Classmate" and activated exceeded 100 million, and the monthly active users as of December 2018 exceeded 38.8 million. The Internet service division increased by 61.2% year-on-year, and contributed 16 billion yuan in revenue.[35]
According to Xiaomi’s 2019 annual report, in 2019, the total revenue of Xiaomi Group reached RMB 205.8 billion, a year-on-year increase of 17.7%; The adjusted net profit reached RMB 11.5 billion, a year-on-year increase of 34.8%. In the fourth quarter of 2019, the total revenue reached RMB 56.5 billion, a year-on-year increase of 27.1%, and the adjusted net profit reached RMB 2.3 billion, a year-on-year increase of 26.5%. According to Canalys data, in the fourth quarter of 2019, Xiaomi ranked first in the year-on-year growth rate of shipments among the top five smartphone manufacturers in the world. In December 2019, the number of monthly active users of MIUI reached 309.6 million, a year-on-year increase of 27.9%. As of December 31, 2019, the number of connected IoT devices (excluding smartphones and laptops) of Xiaomi reached 234.8 million, a year-on-year increase of 55.6%. The number of monthly users of artificial intelligence assistant "Little Love Classmate" reached 60.4 million in December 2019, a year-on-year increase of 55.7%. The annual revenue from overseas markets was RMB 91.2 billion, up 30.4% year-on-year, accounting for 44.3% of the total revenue. As of December 31, 2019, Xiaomi’s products have been sold to more than 90 countries and regions around the world. According to Canalys, in 2019, Xiaomi’s smartphone shipments in 45 countries and regions ranked in the top five. In 2019, R&D investment reached RMB 7.5 billion, a year-on-year increase of 29.7%. As of December 31, 2019,Xiaomi’s total cash reserve is about RMB 66 billion.
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