China's Apple? PAH! We're looking for SUCCESS in internet TV – Xiaomi

We've $1bn to back that up – report


Rising star mobile company Xiaomi is planning an assault on TV content and has reportedly set aside $1bn with which to do it.

The company – which is currently giving Samsung a run for its money and recently raised $1.1bn to value the company at $45bn – has budgeted $1bn for building internet content in China and foreign markets.

We want 'in' to India

Global VP Hugo Barra told Reuters despite having been banned there, it was most interested in India, which it sees as having the greatest opportunity outside China.

Other current opportunities include buying around three per cent of security and utility software developer Kingsoft Corp Ltd from Tencent Holdings Ltd for HK$527m ($67.99m), according to a Kingsoft filing on Monday. This will give Xiaomi CEO and Chairman Lei Jun, who is a founder and now chairman of Kingsoft, voting rights in Kingsoft of 29.9 per cent. Tencent will still hold 9.6 per cent of Kingsoft.

The push for internet content and software development are part of a move beyond mobile for Xiaomi, which has already grown to become the world’s third largest smartphone maker. ®

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