Xiaomi becomes youngest company on Fortune Global 500 list

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Xiaomi Corporation, a Chinese electronics company headquartered in Beijing is the most popular and most widely used brand. It becomes the youngest company on the Fortune Global 500 list, nine years after its iteration. The Fortune Global 500 is an annual ranking of the top 500 corporations worldwide compiled and published by Fortune magazine for 67 consecutive years, as measured by revenue and net profit from the previous fiscal year.

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Founder, Chairman, and CEO of Xiaomi. Lei Jun said that “It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey.

Over the past year, we have made significant improvements and adjustments in our core strategies, management structures, technology research and development systems, product line-ups, brand developments, and much more. These moves have empowered Xiaomi to continuously shine, even in the face of fierce competition from domestic and international peers. This honor does not mark the end of our pursuit, but simply a new beginning. We remain committed to making amazing and highly innovative products at honest prices, as our philosophy states, in an effort to let our Mi Fans, users and investors enjoy a better life,” Lei Jun added.

SUCCESS HIGHLIGHTS:

  • It is ranked 468th, with a revenue of US$26,443.50 million and a net profit of US$2,049.10 million in the previous fiscal year, on the fortune Global 500 list for 2019.
  • It is ranked 7th in the Internet Services and Retailing category.
  • Xiaomi was also named to Fortune’s China 500 list for the first time in June, ranking 53rd.
  • According to international market research organization IDC, as of March 2019, Xiaomi had become the world’s 4th smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 percent.
  • According to international market research organization Canalys, as of March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of shipment, and also remained India’s biggest smartphone brand for seven consecutive quarters, with a market share of 31.4 percent. Additionally, the company has maintained a high growth rate in Western Europe, less than two years after its official entry, ranking 4th in terms of smartphone shipments while making great strides in new markets in Africa and Latin America.
  • As of March 31, 2019, there were 480 authorized Mi Home stores overseas, representing a 93.5 percent year-on-year growth, of which over 110 were in Europe and 79 in India.

Xiaomi does not stop here! Though in a short period of time span, the company has achieved a lot yet it has planned to invest RMB10 billion in the development of “All in AIoT” in the next five years as part of its “Smartphone+AIoT” dual-core strategy, allowing the prospect to capitalize on artificial intelligence (AI) and IoT development opportunities in the future, and laying a solid foundation for the growth over the next 5 to 10 years. The company is now focussing on enhancing and adjusting its business strategies from China to overseas ones. It is planning to replicate its success by providing the best and innovative products to users.

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