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Xiaomi hopes to reach a consensus with India authorities

By Ma Si | chinadaily.com.cn | Updated: 2022-05-20 13:13

Xiaomi said the statement is not the final result and it will continue to communicate with relevant Indian authorities on this issue. [Photo/IC]

Xiaomi Corp said on Thursday that its Indian branch has always been operating in compliance with local laws and regulations, and it will continue to maintain candid communication with the Indian government and hopes to soon reach a consensus.

The comments came after its recent dispute with the Indian authorities, which led to $725 million worth of Xiaomi’s assets being seized in April for allegedly breaching India’s foreign exchange laws.

Wang Xiang, president of Xiaomi, said in a conference call on Thursday night that the company has made personnel adjustments for Xiaomi India, hoping to respond better to the situation.

Xiaomi ranked top in smartphone shipments in India for the 18th consecutive quarter, according to the company’s financial report on the first quarter, which did not disclose specific financial data.

In April, India’s anti-money laundering agency seized assets worth about $725 million from Xiaomi India for allegedly breaching the country’s foreign exchange laws.

In the three months that concluded on March 31,Xiaomi’s revenue reached 73.4 billion yuan ($10.9 billion), a year-on-year decrease of 4.6 percent.

Wang said the COVID-19 epidemic caused many stores to suspend sales, and it also affected consumers’ desire to buy smartphones.

Wang said he is confident that the epidemic will pass, and Xiaomi will continue to invest in key areas, reduce costs and improve the efficiency of the company’s operations.

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