Xiaomi, TCL tighten ties in home appliance sector

Deepening cooperation with TCL Corp will help Xiaomi Corp to expand its product portfolio in the field of home appliances, as TCL can offer competitive advantages related to supply chains and the semiconductor display sector, industry insiders said.

Xiaomi has bought 65.2 million shares, or a 0.48 percent equity stake, of TCL's total share capital from the secondary market as of Jan 4, Guangdong province-based TCL said in a statement to the Shenzhen Stock Exchange on Sunday.

The investment will help to deepen the cooperation between the two companies and establish a closer strategic partnership, according to TCL.