18 August 2019

Xiaomi denies US$2 bln injection from Tencent, report says

Xiaomi Inc. has denied rumors that internet giant Tencent Holdings Ltd. (00700.HK) is acquiring a stake in the Chinese smartphone maker, news website reported Friday, citing a statement from Xiaomi founder Lei Jun on his microblog. According to mainland reports, Tencent was set to become Xiaomi’s biggest shareholder through a USS$2 billion capital injection that would push the handset maker’s valuation to US$30.9 billion. On Thursday, Xiaomi announced an agreement with Kingsoft Corporation Ltd. (03888.HK) to set up a technology park in Beijing’s Haidian district, the report said.

– Contact HKEJ at [email protected]



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