Xiaomi, Midea to jointly tap smart home market
Print Edition
XIAOMI, a top China-brand smartphone vendor, will invest 1.26 billion yuan (US$204 million) in Midea Group, a leading Chinese home appliance giant, to jointly tap the “100 billion yuan” smart home market, both companies said yesterday.
Xiaomi will acquire 55 million Midea’s shares at 23.01 yuan each for a 1.29 percent stake. Xiaomi will appoint a senior executive to Midea’s board, according to the statement of Shenzhen-listed Midea.
The investment will help Midea upgrade product line by cooperating with Beijing-based Xiaomi.
“It’s a win-win investment, and it brings huge imagination space for both sides,” Huatai Securities said in a note.
The smart home market is a next “100 billion yuan” market in China after the smartphone market, said Lei Jun, Xiaomi’s chairman and chief executive.
Both sides are likely to set up a smart home with all devices wirelessly connected and remotely controlled by smartphones, according to Huatai, which rated Midea shares a “buy” with a targeted price of 33-42 yuan.
Shares in Midea rose 5.99 percent to 26.18 yuan yesterday.
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