Chinese authorities have reprimanded smartphone maker Xiaomi over irregularities with its accounting practices, as a broader crackdown on tax evasion extends to technology companies with overseas assets.
The finance ministry said its annual audit of private companies had found that Xiaomi had incorrectly classified corporate gifts, and failed to standardise reimbursements and the payment of other corporate expenses.
The report added that Xiaomi had already fixed the issues identified, but news of the investigation sent shares in the company down as much as 5 per cent yesterday, adding to a general rout in Chinese stocks this week.
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