Xiaomi buys stake in TCL Corp

Xiaomi Corporation has bought stakes in Chinese home-appliance maker TCL Corp as the two companies agreed to cooperate strategically.

Xiaomi bought 65.2 million shares, or 0.48%, of TCL from the secondary market as of 4 January, Guangdong-based TCL said in a statement to the Shenzhen Stock Exchange on Sunday. TCL said the purchase is based on Xiaomi's recognition of its valuation, operational strategy and core competence.

Both parties will cooperate on the research and development front with special focus on smart hardware and next generation devices.

Source: 36Kr