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How Xiaomi founder Lei Jun’s US$956m could be better spent – China’s richest should take charity to the next level, like Bill Gates

Lei Jun, the founder and chairman of Chinese smartphone maker Xiaomi, made the headlines last week when it was revealed that he had received a compensation package nearly equal to the company’s profit. For 2018, he took compensation of shares valued at US$956 million. Xiaomi’s adjusted net profit for the year was US$1.3 billion.Admirably, Lei has promised to devote all of these shares, after tax, to charitable purposes. But charity is not the same as philanthropy, and Lei’s remarkable donation… Source link

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Xiaomi founder Lei Jun earned almost as much as the company last year but pledged to donate it to charity

The founder of Chinese smartphone maker Xiaomi Corp received almost as much in compensation last year as the company made in profit.Xiaomi said in a filing to the Hong Kong stock exchange on Wednesday that Lei Jun, its chairman and chief executive, received a one-off compensation of 636.6 million B-class shares for 2018, currently valued at HK$7.5 billion (US$956 million) based on Tuesday’s closing share price.Xiaomi’s annual adjusted net profit for 2018 was 8.6 billion yuan (US$1.3 billion),… Source link

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Xiaomi rebounds with 13.5 billion yuan annual profit, targets greater international expansion

Chinese smartphone giant Xiaomi Corp on Tuesday reported a net profit of 13.5 billion yuan (US$2 billion) last year, rebounding from its 43.9 billion yuan loss in 2017.The Beijing-based company’s total revenue grew 52.6 per cent to 174.9 billion yuan, up from 114.6 billion yuan a year ago, but slightly missed the 176 billion yuan market average estimate from analysts’ forecasts compiled by Bloomberg.That was driven by a 41.3 per cent increase in global smartphone sales to 113.8 billion yuan… Source link

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Xiaomi sets up artificial intelligence and big data departments to sharpen focus in tech race

Xiaomi, the world’s fourth-biggest smartphone maker, announced the creation of three artificial intelligence-related departments in another reshuffle to transform the company into an AI-driven company.The Beijing-based company promoted Cui Baoqiu, who set up the AI and cloud team in Xiaomi, to vice-president, reporting directly to co-founder and chief executive Lei Jun. Lei also announced the set up of new AI, big data and cloud computing departments, according to a letter provided by the… Source link

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Xiaomi unveils new flagship smartphone, naming Chinese singer as brand ambassador to pump up domestic sales

Xiaomi, the world’s fourth largest smartphone supplier, launched a new medium-to-high-end model on Wednesday, naming an 18 year old Chinese singer and actor as brand ambassador in a move to shore up slipping sales in the hypercompetitive domestic market.The Mi 9, priced from 2,999 yuan (US$444) is the company’s first smartphone to be launched since it turned its budget Redmi line into an independent brand last month, a move that has enabled it to pursue the high-end segment of the smartphone… Source link

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Smartphone giant Xiaomi, Tencent Music among a dozen stocks to be added to MSCI China Index

Smartphone giant Xiaomi and online video platform Iqiyi are among a dozen listed companies to be added to MSCI’s benchmark Chinese equities gauge, the global index compiler announced on Monday. The inclusion of the stocks in the MSCI China Index at the end of February is likely to benefit them in the long term because they may attract global funds that track such indexes, said analysts. MSCI claims to serve “99 of the top 100 largest money managers”. “Those funds will not buy and sell frequently but [they will] hold…

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Apple and Xiaomi shipments plunge in China with Huawei bucking slump in industry demand

Apple Inc and Xiaomi Corp have both encountered a slump in shipments in China in the December quarter, the worst performers among the top five vendors in the country amid an overall shrinking of demand in the world’s largest smartphone market. Apple reported a 19.9 percent decline in shipments in China in the fourth quarter, but climbed one place to No. 4 in smartphone shipments after Xiaomi did even worse, tumbling 34.9 percent during the same period, according to a report by IDC, the industry researcher, published on Monday. Overall…

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China’s top movie ticketing app Maoyan extends IPO date, names Xiaomi as cornerstone investor

Maoyan Entertainment, China’s largest movie ticketing app backed by Tencent and Meituan, has extended its IPO subscription period and put off its listing date to February 4. It also named three new cornerstone investors, including a US$2.6 million of investment from Xiaomi. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, will extend its IPO book close date to “on or about January 25” from the original date of January 24, after which it will stop taking orders from international institutional investors, according to a renewed term sheet obtained…

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Hong Kong and China stocks edge lower led by Xiaomi on share sale report

Hong Kong and China stocks edged lower in early Wednesday trading, as a strong rally on Tuesday driven by China’s signals for fresh stimulus faded away. The Hang Seng Index dipped 0.2 per cent, or 45.18 points, to 26,785.11 as of 10:38am. The Shanghai Composite Index was down 0.1 per cent, or 2.6 points, at 2,567.75. The benchmarks jumped 2 per cent and 1.4 per cent on Tuesday, respectively. Chinese smartphone and home appliances maker Xiaomi led the decline and shed 1.9 per cent to HK$9.77, on the back of…

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Xiaomi CEO Lei Jun silent on US expansion plan amid trade war, focuses on European markets

Smartphone giant Xiaomi Corp is looking to sharpen its operations in Europe this year, as the US-China trade war casts a shadow on its expansion plans in the world’s biggest economy. “The European market is our main focus for international expansion this year,” Lei Jun, the chairman and chief executive of Hong Kong-listed Xiaomi, said in an interview in Beijing on Thursday, sidestepping a question about the firm’s activities in the US. “We aim to rank [either] first or second in [the smartphone markets of] various European countries, especially in…

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