Xiaomi has sold 1 million units of its new device Redmi Note 7 in the first month since its launch, as local smartphone makers now scramble to set up new sub-brands amid slowing demand.

“Our new strategy of multiple brands have achieved initial success, considering the great sales results of Redmi’s first smartphone model after independence,” Xiaomi said in an announcement (in Chinese) on Tuesday. It claimed the Redmi Note 7 smartphone sales has crossed 1 million units in mainland China region as of Feb.12.

Xiaomi’s share rose about 5.28% by noon on Wednesday. After the initial IPO frenzy, the company’s stocks have fallen below its initial offering price for over six months.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen