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Xiaomi eyeing spot on world top 500

By Qiu Quanlin in Guangzhou | chinadaily.com.cn | Updated: 2019-05-28 10:54
Customers check out Xiaomi's products at one of its outlet stores in Shanghai. [Photo by Zhang Chenzhuo/For China Daily]

Chinese consumer technology giant Xiaomi Corp is likely to make the list of the world's top 500 companies in 2019 after recording a revenue surge in the first quarter of the year, according to the company's top executive.

"Since its establishment nine years ago, Xiaomi has maintained a healthy and fast business growth, and we will soon join the world's top companies," said Lei Jun, Xiaomi chairman and chief executive officer.

Lei made the remarks after he was elected as the chairman of the Mian Chamber of Commerce, a chamber established by businessmen from Xiantao in Central China's Hubei province, on Saturday in Guangzhou, capital of Guangdong province.

Xiaomi's first quarter revenue jumped 27.2 percent year-on-year to 43.8 billion yuan ($6.3 billion), fueled by the company's push for a dual-core strategy focusing on smartphones and the internet of things powered by artificial intelligence, Lei said.

The Hong Kong-listed company also posted an adjusted net profit for the first quarter of 2.1 billion yuan, a year-on-year increase of 22.4 percent.

"If we maintain the growth rate in the first quarter, Xiaomi will very likely be a world top 500 company this year," Lei said.

Xiaomi's revenue jumped 52.6 percent year-on-year to 174.9 billion yuan in 2018, thanks mainly to its rapid expansion in international markets and the strong performance of its internet of things business.

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