BEIJING (Reuters) – China’s Xiaomi Technology Ltd Co made a profit of 347.48 million yuan ($56.15 million) on 26.58 billion yuan ($4.30 billion) in revenue in 2013, according to new Chinese securities filings, showing the razor-thin margins at one of the handset industry’s fastest growing companies.
The filings also revealed chairman and chief executive Lei Jun claims 77.8 percent ownership of the company he co-founded in 2010, while unnamed shareholders split the remaining shares.
MUMBAI/BEIJING, Dec 14 (Reuters) – The court order that
banned Chinese mobile maker Xiaomi from selling its phones in
India has halted its breakneck expansion into the world’s
fastest growing major smartphone market and could be just the
start of a string of patent challenges.
Xiaomi Technology only started selling in India in
July and quickly became the country’s fastest growing smartphone
brand; with minimal marketing, it is already outselling even
low-cost smartphones running Google’s Android One.
BEIJING (Reuters) – Lu Wei, China’s top Internet regulator, may not welcome Facebook to his house, but he’s certainly welcome at Facebook.
Lu, the minister of China’s Cyberspace Administration, recently toured the campuses of U.S. tech giants Facebook Inc, Apple Inc and Amazon Inc, according to a report and pictures posted on a Chinese government website on Monday.
BEIJING (Reuters) – A flurry of private Chinese investment into Hollywood should prompt Beijing to loosen its restrictions on U.S. film imports, the mayor of Los Angeles said in China on Friday as he urged officials to raise the country’s annual cap on foreign films.
Hollywood producers, eager to build ties to the world’s second-largest film market, have embraced an influx of Chinese capital in recent years, leading to a series of high-profile partnerships. Chinese authorities have gradually raised the annual quota of foreign films to 34 but state censors still keep a firm grip over what may be shown.
BEIJING, Nov 18 (Reuters) – The Chinese government has
blocked access to a swathe of websites in what an internet
monitoring group said on Tuesday was a blunt censorship campaign
days before the country plays host to a major internet industry
Greatfire.org, a group that conducts research on Chinese
internet censorship, said the Chinese government appears to have
targeted a network operated by Edgecast, a subsidiary of Verizon
Communications Inc that delivers content and services for
web companies, rather than specific web addresses.
BEIJING (Reuters) – China should support its e-commerce industry with preferential policies, given the role it plays in stimulating domestic consumption and economic growth, China’s State Council said in a paper released on Sunday.
The State Council’s explicit support for the e-commerce industry and the development of related technologies, such as online payment processing and e-commerce logistics, comes as the country’s leadership seeks to stoke domestic consumption amid slowing growth rates.
BEIJING (Reuters) – Blackberry Ltd Chief Executive John Chen sees Asia as key to reviving the loss-making smartphone maker’s fortunes but expanding in the region’s biggest market China, where security data concerns are rife, is currently not a priority.
Chen, who has been managing the company’s turnaround for the past year, told Reuters that concerns over information security and the political backlash that security breaches could create dimmed the allure of the world’s biggest smartphone market for Blackberry for the time being.
BEIJING (Reuters) – Xiaomi Technology Co Ltd [XTC.UL] will acquire a stake in Chinese video streaming firm Youku Tudou Inc (YOKU.N: Quote, Profile, Research, Stock Buzz), cementing ties between China’s leading smartphone maker and one of the most popular content providers in the video-hungry country.
In a joint statement on Wednesday, the companies said the transaction would take place on the open market but did not specify how large the smartphone maker’s stake would be or how much would be invested.
BEIJING (Reuters) – The risks faced by China’s economy are not that scary and the government is confident it can head off the dangers, President Xi Jinping told global business leaders on Sunday to dispel worries about the world’s second-largest economy.
In a speech to chief executives at the Asia Pacific Economic Cooperation (APEC) CEO Summit, Xi said even if China’s economy were to grow 7 percent, that would still rank it at the forefront of the world’s economies.
BEIJING (Reuters) – Lenovo Group Ltd (0992.HK: Quote, Profile, Research, Stock Buzz) reported quarterly revenue that missed analyst estimates, with a decline in smartphone sales curbing investor optimism about the world’s biggest maker of personal computers (PCs) turning into a force in mobile devices.
Lenovo’s earnings came at a time of unprecedented competition in China’s smartphone market, with rivals including fast-growing Xiaomi Inc, now the world’s No. 3 handset maker. At the same time, the company is pulling ahead in the global PC industry.