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BANGKOK (AP) — A Nasdaq-listed Chinese technology company that makes parts for self-driving vehicles is threatening to sue the U.S. government after it was included in a list of companies the Pentagon says have links to the Chinese military. It was among 17 companies the U.S. Department of Defense recently added to its list of companies it considers “Chinese military companies.”The revised list also includes Megvii, a Beijing-based artificial intelligence company and IDG Capital, a major private equity investment company with holdings in many Chinese technology companies, and major Chinese energy, telecoms and aviation companies. In a statement issued last week, the company said its LiDARs were not designed to conform to military specifications. Under Biden, the U.S. has further limited China’s access to advanced U.S. technology, limited U.S. investments in strategically sensitive Chinese industries and expanded sanctions on leading Chinese companies like Huawei Technologies. The Defense Department periodically updates its list of now nearly four dozen Chinese military companies to counter links between Chinese military and companies and other entities that it says appear to be civilian.

Persons: Yifan “ David ” Li, Li, Joe Biden’s, Donald Trump, Biden, China’s Organizations: Pentagon, U.S . Department of Defense, IDG Capital, U.S . Department of Commerce, Beijing, Huawei Technologies, The Defense Department, Xiaomi Corp, Apple Inc, U.S ., China’s People’s Liberation Army Locations: BANGKOK, Beijing, U.S

☆ Xiaomi Q3 net income jumps on cost savings, revenue rises
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. The company's sales for the period totalled 70.9 billion yuan ($9.83 billion), beating an average estimate of 70.2 billion yuan from 13 analysts polled by LSEG. Net income jumped by 183% from a year earlier to 6 billion yuan thanks to lower component costs and efficiencies across the business, compared to a consensus estimate of 4.6 billion yuan. Xiaomi, China's fifth-largest smartphone brand, shipped 9.1 million devices in China during the latest quarter, according to industry research firm Canalys. Though that was little changed from a year earlier, Xiaomi outperformed peers, with overall industry sales dropping 5% year on year, according to Canalys.

Persons: Nacho, Lu Weibing, Xiaomi, Xiaomi's Lu, Yelin, Brenda Goh, Jacqueline Wong, David Goodman, Jan Harvey Organizations: REUTERS, Rights, Xiaomi Corp, HK, LSEG, BAIC, Thomson Locations: Barcelona, Spain, Rights BEIJING, China, Beijing, Yelin Mo, Shanghai

[1/2] Thailand's Prime Minister Srettha Thavisin arrives at Beijing Capital International Airport to attend the Third Belt and Road Forum in Beijing, China, October 16, 2023. "And if you look at the month-by-month statistics, Chinese investments are still increasing," he told Reuters. "So I see that in the next two or three years, Chinese investments will still increase drastically in Thailand." But a large proportion of the 228 Chinese investments proposals this year have come in the electronics sector, according to the BOI. Chinese investments will likely continue for the next two years, Jareeporn said.

Persons: Srettha Thavisin, Tingshu Wang, General Narit Therdsteerasukdi, Srettha, Xiaomi Corp's, Alain Lam, Narit, Jareeporn Jarukornsakul, Jareeporn, Chayut, Shri Navaratnam Organizations: Thailand's, Beijing Capital International Airport, Forum, REUTERS, Rights, of Investment, Investment, Reuters, Thai, Initiative, HK, Toyota, Isuzu Motors, WHA, Thomson Locations: Beijing, China, Rights BANGKOK, Thailand, Singapore, Southeast Asia's, Thailand's, Thai

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. A Xiaomi India spokesperson strongly denied the accusation. A spokesperson from Vivo did not respond immediately to repeated requests for comment, nor did the NewsClick news portal, which has denied all wrongdoing in the past. “It is further learnt that big Chinese Telecom companies like Xiaomi, Vivo, etc. NewsClick said this week it does not publish any news or information at the behest of any Chinese entity or authority.

Persons: Francis Mascarenhas, Prabir Purkayastha, NewsClick's Purkayastha, Xiaomi, NewsClick, Munsif, YP Rajesh, Andrew Heavens Organizations: REUTERS, Xiaomi, Vivo Mobile, Vivo, Media, Chinese Telecom, YP, Thomson Locations: Mumbai, India, DELHI, NewsClick, NewsClick's, Delhi, China, Court, New Delhi, Bengaluru

☆ Tesla sues Chinese firm over tech secret infringement -Chinese state media
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowXiaomi Corp FollowBEIJING, Sept 5 (Reuters) - Tesla Shanghai has sued a Chinese firm over tech secret infringement and unfair competition disputes, Shanghai Securities Journal reported on Tuesday. The lawsuit against Bingling Intelligent Technology, a chip designer and auto parts maker based in Changzhou, Jiangsu province, will be heard in the Shanghai intellectual property court on October 10, according to the report. A investment fund unit of Xiaomi owns 11.9% of Bingling, the report said, citing Chinese business data platform Tianyancha. Reporting by Qiaoyi Li and Brenda Goh; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Matthew Childs, Qiaoyi Li, Brenda Goh, Jason Neely Organizations: REUTERS, Shanghai, Shanghai Securities, Bingling, Technology, Xiaomi, Thomson Locations: London, Britain, BEIJING, Changzhou, Jiangsu province, Shanghai

☆ Xiaomi president says ev manufacturing plans ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: 1 min

A 3D printed Xiaomi logo is seen in this illustration taken, September 30, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHENZHEN, China, Aug 29 (Reuters) - Xiaomi Corp (1810.HK) President Lu Weibing said on Tuesday that the company's plans to start mass production of electric vehicles (EVs) in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," Lu said on a company earnings call. Reporting by David Kirton; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lu Weibing, Lu, David Kirton, Jason Neely Organizations: REUTERS, Rights, Xiaomi Corp, HK, Thomson Locations: Rights SHENZHEN, China

☆ Xiaomi revenue drops but EV strategy ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. "Despite the macroeconomic headwinds in the global market we continue to expand our footprint," Xiaomi President Lu Weibing said on an earnings call. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," he said.

Persons: Lu Weibing, Lu, Stringer, Canalys, David Kirton, Mo Yelin, Louise Heavens, David Holmes Organizations: Xiaomi Corp, HK, REUTERS, Reuters, Thomson Locations: SHENZHEN, China, Shenyang, Liaoning province, India, Shenzhen, Mo, Beijing

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

FILE PHOTO-People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/File PhotoNEW DELHI, Aug 2 (Reuters) - Chinese automaker BYD (002594.SZ) faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said. Although BYD has deposited this sum after the DRI's preliminary findings, the source added, the investigation is ongoing and could lead to additional tax charges and penalties. BYD in India and China did not reply to several requests seeking comment. One of the sources said BYD had not met these conditions, making it liable to pay either 70% or 100% depending on the value of the car.

Persons: Aly, BYD, Nikunj Ohri, Aditi Shah, Zoey Zhang, Alexander Smith Organizations: Auto, REUTERS, India's, of Revenue Intelligence, Companies, Xiaomi Corp, HK, Thomson Locations: Auto Shanghai, Shanghai, China, New Delhi, Beijing, India

☆ Xiaomi partners with Dixon Technologies to make mobile phones in India
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 31 (Reuters) - Contract manufacturer Dixon Technologies (India) Ltd (DIXO.NS) on Wednesday said it is partnering with Xiaomi Corp's (1810.HK) Indian arm to make and export phones for the Chinese firm. The news, which boosted Dixon's shares by 4%, comes after Xiaomi India revealed plans to start making wireless audio products in the country by partnering with electronics manufacturer Optiemus. India has been encouraging global companies to invest more in local manufacturing as a part of its efforts to become a powerhouse in the global electronics supply chain. Earlier in March, Xiaomi India President Muralikrishnan B. told Reuters that the company will open more stores beyond its current network of 20,000 retail partners and boost local procurement of mobile phone parts, in an effort to reduce costs. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D'Souza and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Xiaomi Corp's, Muralikrishnan, Navamya Ganesh, Savio D'Souza, Sonia Cheema Organizations: Dixon Technologies, Optiemus, Reuters, Thomson Locations: BENGALURU, India, HK, Bengaluru

☆ Xiaomi to make wireless audio products in India
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI/BENGALURU, May 29 (Reuters) - Xiaomi Corp's (1810.HK) Indian arm will start making wireless audio products in the country through a partnership with electronics manufacturer Optiemus in a push to further localise its operations, the company said on Monday. The push comes as the manufacturer of the Redmi brand of smartphones recently lost out to South Korean rival Samsung (005930.KS) as India's top smartphones company. Xiaomi, which locally manufactures most of the smartphones and TVs it sells in India, did not say when it will start making the audio products. It sells speakers, ear-buds, wired and wireless headphones in India. Reporting by Aditya Kalra in New Delhi, writing by Hritam Mukherjee in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Apple, Android rivals see Q1 drop in China phone shipments - research firm
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/3] A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. But its overall shipments in China fell to 13.3 million units, a 3% decrease from the same period in 2022. Despite being the best-selling brand in the quarter, Apple saw its total market share fall 3 percentage points year-on-year. Oppo and Vivo, Android brands that trail Apple as the second and third best-sellers, saw shipments fall 10% and 7% respectively. Honor and Xiaomi Corp (1810.HK), which specialize in low-end models, saw shipments fall 35% and 20% respectively, suggesting consumers shied away from phone purchases even at the cheapest prices.

☆ India court rejects Xiaomi's challenge to $676 mln asset freeze - Live Law
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, April 21 (Reuters) - A court in India's Karnataka state has rejected China-based Xiaomi Corp's (1810.HK) petition challenging the seizure of 55.51 billion rupees ($676.35 million) by the Enforcement Directorate, news website Live Law reported on Friday. India's federal financial crime agency froze Xiaomi's assets last year, alleging the company had made illegal remittances to foreign entities by passing them off as royalty payments. The company denies any wrongdoing. ($1 = 82.0725 Indian rupees)Reporting by Tanvi Mehta; Editing by Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

☆ Investors ride out China uncertainty in convertible bonds
▼ + stars: | 2023-03-31 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

Funds that invest in Asian convertible bonds attracted inflows of $118.1 million in January and February, data from Morningstar shows, bucking the overall outflows recorded for the more than 350 convertible bond funds it tracks globally. Convertible bonds are hybrid securities with most, like a regular bond, paying a coupon. "Some Asian convertible bonds are attractive as they offer investors comparable or better yields for a shorter duration than straight bonds, as they come with an inexpensive equity option," said Girish Kumarguru, portfolio manager at alterative asset manager, China Everbright Assets Management (0165.HK). Compared to the 6% yield paid by its regular bond, convertible bond investors get less, with current pricing implying a yield of around 2.5%. "Measures to boost consumption in China should be favourable to Asian convertible bonds as there are numerous consumer-related issuers in this region," said Skander Chabbi, head of global convertible team at BNP Paribas Asset Management based in Paris.

☆ China's Meizu unveils first smartphones since deal with Geely founder
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

A company run by Geely Chairman Eric Li took a majority stake in Meizu last year, making the Volvo owner the first established carmaker to enter the premium smartphone sector. He later named the company Xingji Meizu, with the brand as its smartphone arm. Other tech-auto partnerships in China include Huawei Technologies (HWT.UL), whose Harmony operating system powers Seres cars. Meizu, a two-decade-old Chinese consumer electronics company, rose to prominence early in the 1ast decade as an up-and-coming Chinese Android. ($1 = 6.8766 Chinese yuan renminbi)Reporting by Josh Horwitz, Zhang Yan and Brenda GohOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese smartphone maker Xiaomi's revenue and profit slides
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, March 24 (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China's COVID-19 curbs. Xiaomi's sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier. Net income fell to 1.46 billion over the period, down 67.3% from 4.473 billion yuan a year earlier. The company's revenue for 2022 was 280.04 billion yuan, a drop of 14.7%, while net income came in at 8.52 billion yuan, down 61.4%. China's smartphone sales endured a record fall in 2022, down 14% to 287 million units, Canalys data shows.

☆ Huawei touts camera on latest premium smartphone without 5G
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

Huawei, also a major supplier of equipment used in 5G telecommunications networks, has been the target of successive rounds of U.S. export controls since 2019. The company's former budget unit Honor claimed 18% of the market last year, with 30% annual growth, Canalys said. Huawei sold Honor to a consortium of over 30 agents and dealers to keep it alive in late 2019. Huawei also launched the more premium P60 Pro and foldable Mate X3, with prices starting at 6,988 yuan and 12,999 yuan respectively. ($1 = 6.8230 Chinese yuan renminbi)Reporting by David Kirton; editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Softbank-owned Arm seeks to raise prices ahead of U.S. IPO - FT
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Arm Ltd, owned by Japan's SoftBank Group Corp (9984.T), is seeking to raise prices for its chip designs, as it aims to boost revenue ahead of an initial public offering in New York, the Financial Times reported on Thursday. The British chip designer recently notified several of its customers of a "significant shift" to its business model, the newspaper said, citing several industry executives and former employees. Arm intends to alter its royalty program, ceasing to charge chipmakers royalties for using its designs based on a chip's value, and instead charge device makers based on the value of the device, the report said. As a result of this change, Arm anticipates generating multiple times more revenue for each design it sells, since the value of an average smartphone far exceeds that of a single chip. Reporting by Baranjot Kaur and Shubhendu Deshmukh in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.

While Xiaomi remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. According to Counterpoint, the market share of the sub-$120 phones in India fell to 26% in 2022 from 41% two years ago. And premium phones - priced above 30,000 ($360) - saw their share double to 11% in the same period. Xiaomi and Samsung both count India as a key growth market, with smartphones their top selling electronic device. And premium phones accounted for only 0%-1% of Xiaomi's total India phone shipments in the last two years, when Samsung's higher-end phones more than doubled their share to 13%, Counterpoint data showed.

☆ Xiaomi Billionaire Leads New Fund to Boost China’s Chip Industry
▼ + stars: | 2023-03-03 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

Xiaomi has managed to avoid U.S. sanctions and has been expanding aggressively overseas in recent years. HONG KONG—Smartphone giant Xiaomi Corp., founded by Chinese tech billionaire Lei Jun , has set up a fund to invest in China’s chip industry, the latest effort to shore up the sector targeted by U.S. restrictions. Xiaomi and software and cloud company Kingsoft Corp. are investors in the 10 billion yuan ($1.45 billion) fund, which is also backed by a handful of government-backed investors, according to a Kingsoft regulatory filing announcing the fund.

☆ Qualcomm, Android phone makers developing satellite messaging feature
▼ + stars: | 2023-02-27 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Qualcomm Inc (QCOM.O) on Monday said it was working with a group of Android smartphone companies to add satellite-based messaging capabilities to their devices. Satellite-based communications can send and receive data in remote or rural regions where other telecommunications networks are not available. Qualcomm did not say when the new satellite messaging features from the Android smartphone brands named on Monday would become available. Earlier this year, Qualcomm said that some Android phones would have the features by the second half of this year. Reporting by Stephen Nellis in San Francisco; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ China smartphone maker Xiaomi to slash 15% of jobs - South China Morning Post
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%, the South China Morning Post reported on Tuesday. The Hong Kong newspaper cited social media posts by affected employees and local Chinese media, saying China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said. read moreReporting by Donny Kwok; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Smartphone maker Xiaomi to slash 10% of jobs amid China's COVID battle
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in its smartphone and internet services business, joining a long list of Chinese tech firms cutting jobs as the country battles COVID-19 outbreaks. China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts this week. Chinese local media first reported on Monday that the job cut would affect 15% of Xiaomi's payroll, citing unnamed sources. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.

☆ India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources
▼ + stars: | 2022-12-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +1 min

NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's (1810.HK) fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday. Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment. Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion. read moreThe investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May. A court is yet to pronounce a decision on the case following Xiaomi's challenge.

Xiaomi India did not share the agreement with the bank due to confidentiality reasons, Deutsche told investigators, according to the documents. A spokesperson for Deutsche Bank declined to comment. Qualcomm, in a statement, said under "the license with Qualcomm, Xiaomi India pays royalties on all devices sold in India". In that statement, it said Xiaomi India was an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm. Indian authorities do not agree with that and say Xiaomi India only acts as a reseller of smartphones that are made by contract manufacturers.

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