Xiaomi and Midea, a leading Chinese home appliance maker, today announced a strategic partnership in which the former would acquire a 1.29% stake in the latter for RMB1.266 billion (about US$200 million).
Xiaomi plans to invest in 100 hardware product companies and sell their products on its online store. Some 25 companies have got on board, according to Xiaomi. A half dozen smart home products are now available on its online store.
As one of the biggest home appliance makers in China, Midea shipped 250 million products in 2013. The company will launch 25 smart home products by the end of this year.