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Tag: Xiaomi

Xiaomi told to be clearer after £1 phone complaints

Xiaomi told to be clearer after £1 phone complaints

Technology
The UK's advertising watchdog has told Xiaomi to be clearer about how it promotes future sales, following complaints about a £1 smartphone offer.The regulator said it had received 24 complaints from the public after a promotion organised to mark the company's debut in the UK in November.Consumers were unhappy that even if they tried to buy a phone as soon as a countdown clock ended, they were told the product was already out of stock.The Chinese company has not commented.Xiaomi is one of China's biggest consumer technology companies and is ranked the fourth biggest smartphone brand by market share, according to a recent report by IDC.'Clearer and more timely'The "flash sales" involved two models of phone that the company in...
Xiaomi eyes a giant Chinese IPO

Xiaomi eyes a giant Chinese IPO

Finance
IN CHINA no company achieved $ 1bn in annual revenue as quickly as Xiaomi did, in the year following the launch of its first smartphone in 2011. Chinese media initially nicknamed Xiaomi the “Apple of the East” (its literal translation is “little rice”). That was a stretch, even in good times. But within another two years the affordable-handset-maker became the world’s most valuable startup, worth $ 46bn.Analysts reckon that it now wants to raise up to $ 10bn in an initial public offering (IPO) on Hong Kong’s stock exchange which was announced on May 3rd. (Its filing documents disclose neither the valuation that it is seeking, nor a fundraising target.) That could afford it a very generous valuation of as much as $ 80bn—not far off the $ 91bn market...