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Xiaomi Corporation, an internet company with smartphone and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended March 31, 2020.

In the first quarter of 2020, Xiaomi achieved solid growth in all business segments. Its total revenue amounted to RMB49.7 billion, which is an increase of 13.6% year-on-year (“YoY”).

According to Canalys, a market research firm, “Xiaomi successfully navigated the market downturn and were able to achieve the highest YoY growth in shipments among the top five smartphone companies worldwide”.

Meanwhile, Xiaomi’s smartphone 5G penetration rate in China was 25.9%, it reflects Xiaomi’s leading position in the 5G smartphone market, and execution of the “5G + AIoT” dual-engine strategy.

Xiaomi Founder, Chairman and CEO Mr. Lei Jun said, “Although the industry is facing severe challenges, the Group still experienced growth in all segments despite the market downturn, which fully reflects the flexibility, resilience and competitiveness of Xiaomi’s business model. In the first quarter of 2020, we successfully issued the first U.S. dollar bond, which was 7.5 times oversubscribed; we also featured on the ‘Forbes’ Global 2000 list’ again this year, which highlights the international capital market’s recognition of Xiaomi. We believe a crisis is the ultimate litmus test for a company’s value, business model and growth potential. As the impact of the pandemic starts to ease, we will continue to focus on the ‘5G + AIoT’ strategy and strengthen our scale of investment, in order to let everyone in the world enjoy a better life through innovative technology”.

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