Xiaomi becomes youngest company on the global Fortune 500 list for 2019

Xiaomi Enters Fortune Global 500 List, Ranking in at 468

Details: Xiaomi joined a number of other Chinese tech companies on the Fortune list, on which Shenzhen-based telecom equipment giant Huawei was ranked 61st, e-commerce giant Alibaba ranked 182nd, and social media and gaming giant Tencent 237th in the world by revenue.

According to the newly released Fortune 500 list, Xiaomi managed to break through now ranking 468th.

China has the highest number of big companies that made it to this year's Fortune Global 500 list, surpassing the United States for the first time, reported Xinhua news agency. Out of 25 newly added companies, 13 are from China, including China Development Bank, train manufacturer CRRC Corp, home appliance giant Zhuhai Gree Electric Appliances Co, and smartphone maker Xiaomi, which is the youngest firm on the top 500 list in 2019.

"Over the past year, we have made significant improvements and adjustments in our core strategies, management structures, technology research and development systems, product lineups, brand developments, and much more".

The nine-year-old company also ranks 7th in the Internet Services and Retailing category.

The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware. State-owned Chinese firms had significantly contributed to the list, with a 76.3 percent increase when compared to the previous year. Country Garden (02007.HK) posted revenue of US$57.3087 billion, representing a year-on-year rise of 70.7 per cent. Global revenue's proportion of total revenue increased from 28 percent in 2017 to 40.1 percent in the same period of 2018.

Xiaomi's share prices have fallen as the global market for smartphones-its core business-slumps.

According to worldwide market research organization Canalys, as of March 2019, Xiaomi was ranked among the top five in more than 40 markets in terms of units shipped, and also remained India's biggest smartphone brand for seven consecutive quarters, with a market share of 31.4 percent. The US retail giant is followed by China's largest state-owned oil and gas company Sinopec Group, whose sharp gains in both revenue and profits a year ago managed to dodge geopolitical headwinds amid the simmering trade war between Washington and Beijing.

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