Xiaomi CEO Lei Jun wanted to make one thing clear when he spoke at the Summer Davos event in Tianjin on Monday: “Xiaomi was never meant to be just a smartphone vendor.”

The company, which rocketed to fame through mega-sales of budget smartphones, is now stepping back from its revenue-driving product, amid a stagnating smartphone market and increased competition form other local vendors, including Huawei.

Xiaomi has long maintained that they are selling an ‘ecosystem’ rather than hardware. On Monday Lei Jun hinted at what the future Xiaomi could look like, and it’s not a smartphone vendor.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com