Xiaomi

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Coordinates: 39°55′32″N 116°26′30″E / 39.9255°N 116.4416°E / 39.9255; 116.4416

Xiaomi Corporation
Native name
小米集团
Public
Traded asSEHK1810
Industry
Founded6 April 2010; 9 years ago (2010-04-06)
FounderLei Jun
Headquarters,
Area served
Worldwide
Key people
Products
Brands
RevenueIncrease CN¥174.915 billion
(~$24.5 billion) (2018)[1]
Increase CN¥13.478 billion (2018) [1]
Total assetsIncrease CN¥145.228 billion (2018) [1]
Number of employees
16,683 (Dec 31 2018)[1]
Subsidiaries
Chinese name
Chinese小米
Literal meaning"millet"
Websitemi.com

Xiaomi Corporation (/ˈʃm/;[2] Chinese: 小米 [ɕjǎu.mì] (About this soundlisten)) is a Chinese electronics company founded in 2010 and headquartered in Beijing. Xiaomi makes and invests in smartphones, mobile apps, laptops, bags, trimmers, earphones, MI Television, Shoes, fitness bands, and many other products.[3] Ranked 468th, Xiaomi is the youngest company on Fortune Global 500 List for 2019.[4]

Xiaomi released its first smartphone in August 2011 and rapidly gained market share in China to become the country's largest smartphone company in 2014.[5] At the start of second quarter of 2018, Xiaomi was the world's fourth-largest smartphone manufacturer,[6][7][8] leading in both the largest market, China, and the second-largest market, India.[9] Xiaomi later developed a wider range of consumer electronics, including a smart home (IoT) device ecosystem.[10][11][12][13]

Xiaomi has 15,000 employees[14] in China, India, Malaysia,[15] Singapore and is expanding to other countries including Indonesia, the Philippines, and South Africa.[16][17] According to Forbes magazine, Lei Jun, the founder and CEO, has an estimated net worth of US$12.5 billion.[18] He is China's 11th richest person and 118th in the world.[18] Xiaomi is the world's 4th most valuable technology start-up after receiving US$1.1 billion funding from investors, making Xiaomi's valuation more than US$46 billion.[19]

History[edit]

On 6 April 2010 Xiaomi was co-founded by Lei Jun and six partners:

  • Lin Bin, vice president of the Google China Institute of Engineering
  • Dr Zhou Guangping, senior director of the Motorola Beijing R&D center
  • Liu De, department head of industrial design at the Beijing Institute of Technology
  • Li Wanqiang, general manager of Kingsoft Dictionary
  • Wong Kong-Kat, principal development manager
  • Hong Feng, senior product manager for Google China

In the first round of funding, institutional investors included Temasek Holdings, IDG Capital, Qiming Venture Partners[20] and Qualcomm.[21]

On 16 August 2010, Xiaomi officially launched its first Android-based firmware MIUI,[22] it resembles Samsung's TouchWiz and Apple's iOS.

Products[edit]

Xiaomi produces many products. Notably, it produces smartphones which run on their own version of Android MIUI firmware. Observers suggest that part of Xiaomi's rapid success rests on its ability to differentiate itself within the Android universe.[23][need quotation to verify] The company has increased its range of products; its smartphones include: Mi Series, Mi Note Series(discontinued), Mi Max Series(discontinued), Mi Mix Series, Pocophone, Blackshark and the Redmi Series; as well as mobile phones, Xiaomi has started selling wearables, mobile accessories, and appliances such as television and speakers. In 2018 it was selling tablets, laptops, and smart-home devices.

Xiaomi operates on a vertically-integrated model that enables the company to sell hardware at cost or below in order to attract users and earn money by selling content.[23] Hugo Barra, a former Google executive who served Xiaomi's vice president from 2014 to 2017, characterized the organization as "an Internet and a software company much more than a hardware company".[24]

Xiaomi also keeps its prices low or close to "bill-of-material" by keeping most of its products in the market longer, eighteen months rather than the six-month norm followed by many smartphone companies;[24] this strategy allows Xiaomi to take advantage of price reductions in the prices of key components of its products. It enables the company to sell hardware with specifications comparable to high-end devices at a fraction of the cost.[25][need quotation to verify]

The company's version of the Android operating system, the MIUI skin, with its design, app marketplace, and functionalities, has established a community of users[23] who form a crucial part of Xiaomi's customer base and contribute to the company's drive for market awareness; this ecosystem is a massive source of revenue as indicated in 2015, when sales from the platform reached $750 million.[26]

Xiaomi's Redmi Note

The company focuses on India, the world's second-largest smartphone market.[27][28] Xiaomi announced on May 2, 2018, the launch of Mi Music and Mi Video to offer "value-added internet services" in India.[29] On March 22, 2017, Xiaomi announced that it planned to set up a second manufacturing unit in India in partnership with contract manufacturer Foxconn.[30][31] On August 7, 2018, Xiaomi announced on its blog[32] that Holitech Technology Co. Ltd., Xiaomi's top supplier, would invest up to $200 million over the next three years to set up a major new plant in India.[33]

Recently Xiaomi started to sell more simple goods such as sunglasses, caps, pillows, glass lunchboxes, cups, filters, bags, backpacks, luggage, screwdrivers, and umbrellas.[34]

In April 2019, researchers at Check Point found a security breach in Xiaomi phone apps;[35][36] the security flaw was reported preinstalled.[37]

Controversies[edit]

See also[edit]

References[edit]

  1. ^ a b c d "Annual Results" (PDF). Retrieved 20 March 2019.
  2. ^ "How to say: Xiaomi". 12 November 2018 – via www.bbc.com.
  3. ^ 小米47寸电视真机照曝光 (in Chinese). MyDrivers.com. 17 June 2013. Archived from the original on 25 August 2013. Retrieved 15 August 2013.
  4. ^ "Ranked 468th, Xiaomi Enters the Fortune Global 500 List for 2019". techvorm.com. 22 July 2019. Retrieved 22 July 2019.
  5. ^ "The China Smartphone Market Picks Up Slightly in 2014Q4, IDC Reports". IDC. Archived from the original on 17 February 2015. Retrieved 18 February 2015.
  6. ^ "Xiaomi Dials Up Pressure on Samsung - Caixin Global". www.caixinglobal.com. Retrieved 7 August 2018.
  7. ^ "IDC: Xiaomi ends Q1 2018 as the fourth largest smartphone brand in the world". Notebook Check. Archived from the original on 7 May 2018. Retrieved 7 May 2018.
  8. ^ "A Slowdown in China Drags the Worldwide Smartphone Market to a Year-over-Year Decline of 2.9% in Shipments During the First Quarter of 2018, According to IDC". IDC. Archived from the original on 7 May 2018. Retrieved 7 May 2018.
  9. ^ "Chinese brand Xiaomi bests Samsung and Micromax to lead Indian smartphone market". www.businesstoday.in.
  10. ^ Bischoff, Paul. "Xiaomi unveils sensor panels for its smart home ecosystem". Tech in Asia. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  11. ^ Lococo, Edmond (18 January 2015). "Xiaomi Unveils Smart Home Suite With Security Features". Bloomberg Business. Archived from the original on 22 February 2015. Retrieved 18 February 2015.
  12. ^ Kan, Michael. "Xiaomi looks beyond smartphones to smart home products". PC World. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  13. ^ Song, Huei. "XIAOMI ANNOUNCES NEW SMART HOME GADGETS – WEBCAM, POWER PLUG, LIGHTBULB AND REMOTE CENTER". lowyat.net. Archived from the original on 18 February 2015. Retrieved 18 February 2015.
  14. ^ "User Agreement". miui.com. Archived from the original on 6 June 2014. Retrieved 5 June 2014.
  15. ^ Eilers, Chris (24 June 2014). "How China's Xiaomi Beats Huawei in Malaysia". Oizoioi Malaysia Tech Blog. Archived from the original on 28 June 2014. Retrieved 28 June 2014.
  16. ^ Russell, Jon (30 June 2015). "Xiaomi Expands Its Empire To Brazil, Will Sell First Smartphone There July 7". Tech Crunch. Archived from the original on 2 July 2015.
  17. ^ Shu, Catherine (28 August 2013). "Xiaomi, What Americans Need To Know". TechCrunch. AOL. Archived from the original on 30 August 2013. Retrieved 28 August 2013.
  18. ^ a b "Xiaomi CEO Tries to Follow in Steve Jobs' Footsteps - Caixin Global". www.caixinglobal.com. Retrieved 7 August 2018.
  19. ^ "Xiaomi raises another $1.1 billion to become most-valuable tech start-up". 29 December 2014. Archived from the original on 3 March 2016.
  20. ^ Wong, Sue-Lin (29 October 2012). "Challenging Apple by Imitation". The New York Times. Archived from the original on 7 May 2013. Retrieved 15 August 2013.
  21. ^ "Xiaomi the money! Who is this mobile company that's poaching Tech's top shelf talent?". PC World. Archived from the original on 3 December 2013. Retrieved 27 November 2013.
  22. ^ "小米联合创始人、副总裁洪锋谈MIUI设计成长之路". csdn.net. Archived from the original on 5 October 2013. Retrieved 3 October 2013.
  23. ^ a b c Liu, Qiao (2016). Corporate China 2.0: The Great Shakeup. New York: Palgrave Macmillan. p. 205. ISBN 9781137603722.
  24. ^ a b Treadgold, Alan; Reynolds, Jonathan (2016). Navigating the New Retail Landscape: A Guide for Business Leaders. Oxford: Oxford University Press. p. 128. ISBN 9780198745754.
  25. ^ Xiaomi Patent Portfolio Analysis. LexInnova Technologies, LLC. 1 October 2014. p. 1.
  26. ^ Giachetti, Claudio (2018). Smartphone Start-ups: Navigating the iPhone Revolution. Cham: Palgrave Macmillan. p. 65. ISBN 9783319679723.
  27. ^ "Smartphone Upstart Xiaomi Brings Partner to India to Curry Local Favor - Caixin Global". www.caixinglobal.com. Retrieved 8 August 2018.
  28. ^ www.ETTelecom.com. "Indian smartphone market grows 23% to overtake US in Q3; Samsung, Xiaomi drive shipments - ET Telecom". ETTelecom.com. Retrieved 8 August 2018.
  29. ^ "Xiaomi Rolls Out Music, Video Apps in India - Caixin Global". www.caixinglobal.com. Retrieved 8 August 2018.
  30. ^ "Xiaomi to Partner with Foxconn to Open Second Factory in India". k.caixinglobal.com. Retrieved 8 August 2018.
  31. ^ Compare: Solutions, EIU Digital. "Xiaomi to open second manufacturing facility in India". www.eiu.com. Retrieved 8 August 2018. Xiaomi Inc plans to set up a second manufacturing unit in India to cater to a growing demand for smartphones in the Asian country, according to media reports on March 22nd, citing a company announcement.
  32. ^ "[News] Xiaomi brings smartphone component manufacturing to India with Holitech Technology – Mi Blog". blog.mi.com. Retrieved 8 August 2018.
  33. ^ "Smartphone Upstart Xiaomi Brings Partner to India to Curry Local Favor - Caixin Global". www.caixinglobal.com. Retrieved 8 August 2018.
  34. ^ Matovsky, Roman (13 February 2019). "Xiaomi became a household goods store?". Matovsky.com. Retrieved 13 February 2019.
  35. ^ "Vulnerability in Xiaomi Pre-Installed Security App". Check Point Research. 4 April 2019.
  36. ^ "Check Point researchers find security breach in Xiaomi phone app | The Times of Israel".
  37. ^ Ng, Alfred. "Xiaomi phones came with security flaw preinstalled". CNET.

External links[edit]