Xiaomi becomes the youngest company on Fortune Global 500 list

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

The Beijing-based global technology leader is the youngest company on the Fortune Global 500 list for 2019, ranking 468th, with a revenue of USD 26,443.50 million and a net profit of USD 2,049.10 million in the previous fiscal year. The company also ranks 7th in the Internet Services and Retailing category.

“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,” said Lei Jun, Founder, Chairman and CEO of Xiaomi.

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.

The company reached RMB 10,000 million (approx. USD 1,453.72 million) threshold in sales revenue in 2012, and RMB 100,000 million (approx. USD 14,537.21 million) in 2017.

According to international market research organization IDC, as of March 2019, Xiaomi had become the world’s 4th smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 per cent. The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware, and thus built the world’s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.

Xiaomi’s footprints are now present in over 80 markets globally. According to international market research organization Canalys, as of March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of shipment, and also remained India’s biggest smartphone brand for seven consecutive quarters, with a market share of 31.4 per cent. Additionally, the company has maintained a high growth rate in Western Europe, less than two years after its official entry, ranking 4th in terms of smartphone shipments, while making great strides in new markets in Africa and Latin America.

Xiaomi is also dedicated to building and expanding its highly efficient new retail network, which incorporates both online and offline channels, in overseas markets. As of March 31, 2019, there were 480 authorized Mi Home stores overseas, representing a 93.5 percent year-on-year growth, of which over 110 were in Europe and 79 in India.

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.