Xiaomi floated an IPO on the Hong Kong Stock Exchange, which aimed to generate revenue to expand the company. During the initial public offering, the company did not describe itself as just a smartphone company, but despite its widespread popularity, its phone brand was described as an Internet company. Xiaomi is now investing in other areas that will represent it as a true online company. According to Bloomberg, the Chinese giant will invest at least 10 million yuan ($ 1.5 million) over artificial intelligence and smart devices over the next five years.
The huge investment is part of the strategy of this Chinese giant, who earns more revenue from valuable services and the Internet of Things (IoT). Also, this innovative Chinese company, focusing on the best market for globalization, is trying to expand its branches to Europe. In a statement that Li Jun, CEO of Xiaomi, recently featured on Bloomberg TV, "It's time to come and we're all in AIoT. "These are tips for joining artificial intelligence to the Internet to create an intelligent ecosystem of connected devices. Recently, we have seen the implementation of this system, with the assistance of the XiaoAI smart assistant, to our smart devices (IoT). However, XiaoAI has been adapted only to Chinese speakers, and it remains to be seen in other languages. Probably adding more supported languages is part of this development plan. This program will definitely increase the sales of many catalogs of the company's IoT tools when it comes to outside of China.
Lee Jun did not explain in the company's investment plans, but the company seeks to generate more revenue for dealing with China-US trade, which has cast doubt on the development of the economic space. Also, the company may be looking for a quick way to diversify its revenue than smartphones, as the smartphone market is saturated. It remains to be seen whether the company has a lot of prospects as expected. Investors are unlikely to be very sure about it, as the company's shares declined roughly 40% after the initial public offering in July 2018.