Xiaomi, founded in April 2010 by visionary entrepreneur Lei Jun and his co-founders in Beijing, China, began as a software company developing the customizable MIUI Android interface. In August 2011, it launched its first smartphone, the Mi One, which sold out in seconds, marking the start of its hardware revolution.
Adopting a unique "fan-centric" model, Xiaomi offered high-spec devices at razor-thin margins, gathering user feedback through online communities to refine products. This strategy propelled rapid growth: by 2014, it became China's top smartphone seller, overtaking Samsung, and achieved a $46 billion valuation as the world's most valuable tech startup.
Expanding globally, Xiaomi entered markets like India (becoming a leader) and Europe, diversifying into IoT ecosystem products—smart TVs, wearables, home devices—and internet services. Key milestones include its 2018 Hong Kong IPO, entering the Fortune Global 500 in 2019, and venturing into electric vehicles with the SU7 in 2024.
By 2025, Xiaomi ranks as the world's third-largest smartphone maker with around 14% global market share, quarterly revenues exceeding $15 billion, and a market cap over $137 billion. Its success lies in innovative pricing, community-driven innovation, and the "5G + AIoT" strategy, proving a Chinese brand can rival giants like Apple and Samsung while building a loyal "Mi Fan" base worldwide.
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