January 19, 2021, 4:15 am

FT Online

2019-07-22 18:56:03 BdST

Xiaomi becomes the youngest company on Fortune Global 500 list

Xiaomi Corporation has for the first time made the Fortune Global 500 list, nine years after its iteration.

The Beijing-based global technology leader announced this in a media statement received today.

According to the statement, Xiaomi is the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of US$26,443.50 million and a net profit of US$2,049.10 million in the previous fiscal year. The company also ranked seventh in the Internet Services and Retailing category.

Xiaomi founder, chairman and CEO Lei Jun said, "It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support.

"We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey.”

As an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core founded in April 2010, Xiaomi was also named to Fortune’s China 500 list for the first time in June, ranking 53rd.

Xiaomi is investing RMB10 billion in the development of “All in AIoT” in the next five years as part of its “Smartphone+AIoT” dual-core strategy, allowing the prospect to capitalize on  artificial intelligence (AI) and IoT development opportunities in the future, and laying a solid foundation for the growth over the next five to 10 years. Moreover, the company is planning to replicate its success by enhancing and adjusting its business strategies from China to overseas ones.

The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide compiled and published by Fortune magazine for 67 consecutive years, as measured by revenue and net profit from the previous fiscal year.

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