{"id":738,"date":"2018-05-06T10:23:25","date_gmt":"2018-05-06T08:23:25","guid":{"rendered":"https:\/\/britishdailynews.co.uk\/?p=738"},"modified":"2018-05-04T10:25:07","modified_gmt":"2018-05-04T08:25:07","slug":"xiaomi-to-sell-smartphones-in-uk-through-three","status":"publish","type":"post","link":"https:\/\/britishdailynews.co.uk\/?p=738","title":{"rendered":"Xiaomi to sell smartphones in UK through Three"},"content":{"rendered":"

The Smartphone maker Xiaomi will begin selling its smartphones in the UK under a partnership with Hutchinson\u2019s Three as\u00a0\u201cChina\u2019s Apple\u201d<\/a>\u00a0turns its attention to the west.<\/p>\n

The news came as the firm\u00a0announced its IPO<\/a>\u00a0on the Hong Kong stock exchange seeking to raise\u00a0at least $10bn<\/a>\u00a0(\u00a37.3bn), in what could be the largest offering since Chinese e-commerce conglomerate Alibaba\u2019s $25bn listing in New York in 2014.<\/p>\n

Xiaomi<\/a>, the world\u2019s fourth-largest smartphone maker, has made a name for itself selling high-end phones at rock-bottom prices but has been limited to China and other developing markets, such as India.<\/p>\n

It made its first move into western Europe by debuting in Spain in November last year. The partnership with Hutchinson will lead to Xiaomi phones being sold through Three stores in the UK and Ireland, as well as Austria, Denmark,\u00a0Hong Kong<\/a>\u00a0and Sweden.<\/p>\n

\u201cWe have been watching Xiaomi\u2019s success from afar and are impressed with the huge range of connected devices that they currently offer,\u201d Three UK\u2019s chief digital officer, Tom Malleschitz, said and added that it opens the door to Xiaomi\u2019s other connected devices such as smart home appliances.<\/p>\n

Xiaomi\u2019s $10bn fundraising could value the company at up to $100bn, making it the third largest Chinese tech firm by value behind so-called \u201cnational champions\u201d\u00a0Tencent<\/a>\u00a0and Alibaba.<\/p>\n

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It made its first move into western Europe by debuting in Spain in November last year. The partnership with Hutchinson will lead to Xiaomi phones being sold through Three stores in the UK and Ireland, as well as Austria, Denmark,\u00a0Hong Kong<\/a>\u00a0and Sweden.<\/p>\n

\u201cWe have been watching Xiaomi\u2019s success from afar and are impressed with the huge range of connected devices that they currently offer,\u201d Three UK\u2019s chief digital officer, Tom Malleschitz, said and added that it opens the door to Xiaomi\u2019s other connected devices such as smart home appliances.<\/p>\n

Xiaomi\u2019s $10bn fundraising could value the company at up to $100bn, making it the third largest Chinese tech firm by value behind so-called \u201cnational champions\u201d\u00a0Tencent<\/a>\u00a0and Alibaba.<\/p>\n

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\u201cIt was clear to us that because we grew so quickly in our early years, we did not have an adequately strong foundation to face all the challenges in front of us at the time,\u201d Lei wrote.<\/p>\n

The company invested in businesses involved in lifestyle and internet of things products, and Lei asked his co-founder to step aside so he could take over as the supply chain chief. Between 2015 and 2017, sales increased by 70% to 114.6bn yuan ($17.9bn), according to the filing. Xiaomi still depends on China for the majority of its revenues, a challenge given that that market is nearing saturation. For the first time in five years, smartphone shipments\u00a0dipped below 100m<\/a>\u00a0in the first quarter of this year. Xiaomi phones are popular with first-time buyers but shoppers often upgrade to Apple\u2019s iPhone or other phones in later purchases.<\/p>\n

Source:\u00a0https:\/\/www.theguardian.com\/technology\/2018\/may\/03\/chinas-xiaomi-set-to-raise-10bn-on-hong-kong-stock-exchange<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Smartphone maker Xiaomi will begin selling its smartphones in the UK under a partnership with Hutchinson\u2019s Three as\u00a0\u201cChina\u2019s Apple\u201d\u00a0turns its attention to the west. The news came as the firm\u00a0announced its IPO\u00a0on the Hong Kong stock exchange seeking to raise\u00a0at least $10bn\u00a0(\u00a37.3bn), in what could be the largest offering since Chinese e-commerce conglomerate Alibaba\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/738"}],"collection":[{"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=738"}],"version-history":[{"count":1,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/738\/revisions"}],"predecessor-version":[{"id":740,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/738\/revisions\/740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=\/wp\/v2\/media\/739"}],"wp:attachment":[{"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/britishdailynews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}