Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing
Didi Reportedly Looking to List in U.S. as Soon as July
China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers
Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March
Didi to Expand New Logistics Service From 8 to 19 Cities in China
China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development
Plant-Based Food Firm Beyond Meat to Open Plant Based in China
iFlyTek Hopes to Cash in on Pandemic Driven Demand for AI Services and Devices
Joint Alibaba and Russian Online Retailer AliExpress Plans IPO as Early as 2022: Report
Trending in China: ‘Easy to Buy, Hard to Redeem’ – Airline Pandemic Related Coupons Under Fire
Tesla Counters Spying Concerns Saying Car Cameras Not Activated Outside North America
Reinventing In-Car CB Radio or Cutting-Edge Tech? Clubhouse-Like Features Built into Xpeng Cars
Smart Projector and Laser TV Startup Xgimi Predicts Big Profits
Trending in China: Speculators or Trading Apps — Who’s to Blame for $7,000 Sneakers?
Nio and Xpeng Both Set Quarterly Records But Still Lag Behind Tesla
Call of Duty Mobile Developer Outplays Games Publisher as Timi Studio Earns More Than Activision Blizzard
TSMC to Beef Up Chip Production Capacity with $100 Billion Investment Plan
Bilibili Invests in Mobile Game Developer Amid Push to Expand Content Library
Trending in China: Xiaomi’s New Logo Fails to Wow Despite Famous Design Team
Competition in China’s Power Bank Market Heats up as Jiedian and Soudian Announce Merger Plans
Xiaomi Invests in Home Improvement Firm Amid Push into Internet of Things

By Ding Yi / Oct 29, 2020 01:03 PM / Business & Tech

Chinese electronics giant Xiaomi has agreed to invest in Beijing-based home improvement company Dongyi Risheng as part of a wider push into “smart home systems” powered by Internet of Things (IoT) connected home products.

Xiaomi Technology (Wuhan), which is owned by Xiaomi Corp., has signed a deal to buy 21 million shares in Dongyi Risheng from its controlling shareholder Dongyi Tianzheng Investment for 139 million yuan ($20.7 million), according to a stock filing on Wednesday.

The deal, which is still subject to regulatory approval, will give Xiaomi a 5.01% stake in Dongyi Risheng, making it the second-largest shareholder after Dongyi Tianzheng Investment, which will still control 56.11% of Dongyi Risheng after the deal’s completion, the filing said.

Receiving the strategic investment will give Dongyi Risheng an opportunity to partner with Xiaomi to explore ways of combining artificial intelligence (AI) and IoT technologies with home appliances to provide a “smart lifestyle” for consumers, the filing said.

In July, the two companies announced a strategic partnership, which would add Xiaomi’s smart home products into Dongyi Risheng’s sales channels, a move that is in line with Xiaomi’s goal of increasing the number of home appliances connected to its IoT platform.

As of June 30, 2020, the number of devices (excluding smartphones and laptops) connected to Xiaomi’s IoT platform reached about 271 million units, representing a year-on-year increase of 38.3%, according to its second-quarter earnings report.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Chinese ‘Mixed Reality’ Specs Maker Nreal Bags $40m Combining VR With Real Life


Share this article
Open WeChat and scan the QR code