It has finally happened. Xiaomi, as of 9 July 2018, is now a publicly-traded company on the Main Board of The Stock Exchange of Hong Kong Limited. Xiaomi priced its initial public offering (IPO) at HK$17 per share, raising USD$4.72 billion in the world’s biggest technology float in four years.
Established in 2018, the fast-growing internet company has carved a reputation for building outstanding products at “honest prices.” With mobile phones and connected smart hardware as core offerings, Xiaomi’s mission is to let everyone enjoy a better life through innovative technology.
To fulfil its mission, Xiaomi developed a unique three-pillar business model – hardware, new retail and internet services, with a focus in increasing efficiency by lowering operating costs, especially in sales and marketing.
Efficiency and low operating costs are the secret sauce to the company’s success. In fact, Xiaomi pledged that starting in 2018, its hardware businesses’ overall net profit margin will not exceed 5 percent per year. If net margin exceeds 5 percent, the company will return the excess to its users. Noble move?
While it’s been quiet for the past couple of years for the Chinese tech giant, it has seemingly bounced back with a new strong product portfolio, global expansion and increased physical retail presence.
It has become the fastest growing internet company and second fastest growing company globally. This is measured by organic revenue growth compared to other publicly-listed companies with revenues of over RMB100 billion (USD15 billion) in 2017, according to iResearch.
Its meteoric rise is impressive. In 2017, it achieved unprecedented 67.5 percent revenue growth, exceeding RMB100 million (USD15 billion).
It took only seven years to achieve this number, compared to high profile names like Google (nine years), Facebook (12 years), and Apple (20 years).
Xiaomi has invested in more than 90 IoT and lifestyle companies and created a comprehensive suite of products that revolves around smartphones, mobile peripherals, smart hardware and lifestyle products. In 2017, it became the world’s largest consumer IoT platform (excluding smartphones and notebooks), according to iResearch.
In celebration of its IPO, Xiaomi is throwing a special promotion for the Redmi Note 5 “The Camera Beast.”
Redmi Note 5 promo
From 9 July to 31 July:
- With every purchase of Redmi Note 5 (64GB), customers are entitled to a free Mi Powerbank 2 (Worth MYR69)
- With every purchase of Redmi Note 5 (32GB), customers are entitled to a Purchase-With-Purchase (PWP) of a Mi Powerbank 2 at 50% (MYR34.50).
- Mi Band 2 promotion price : MYR88 (RRP: MYR119)
Mi Photographer Contest
In addition to the special Redmi Note 5 promotion, Xiaomi will also organise a smartphone photography contest for The Camera Beast.
From 9 to 31 July:
- Contestants will have a chance to win exciting prizes from Xiaomi including Mi Band 2, Powerbank 2 and Mi Selfie Stick
- 8 winners with the most creative photos using hashtag, #ShotOnRedmiNote5 will be announced on 1st August
In addition to awesome Xiaomi goodies, winners will also be invited to join an exclusive photography event featuring the judge of the contest, international photographer, Mars Khor and social media influencer, Jeii Pong.
For more info about Xiaomi, visit: http://blog.mi.com/en/