Xiaomi, once the world’s most valuable unicorn, looked set to become one of China’s biggest unicorpses: it burnt cash, and stumbled with supply problems. Now, with fortunes improving, it is staging its next act: Chinese phoenix.
The Beijing-based tech company, which makes products ranging from smartphones to smart rice cookers, re-entered the top five of global smartphone makers in the second quarter, as shipments surged 59 per cent year on year to 21m, according to the IDC research firm.
The recovery, noted founder and chief executive Lei Jun, “follows a year of setbacks that collectively signify the most challenging period in our company history”.
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