Xiaomi's 4.8 billion Indian funds have been frozen, but not confiscated. Lu Weibing is seeking legal solutions

Xiaomi Group released its latest second quarter financial report today. According to data, Xiaomi’s revenue in the second quarter was 67.35 billion yuan, a year-on-year decrease of 4%. Net profit was 3.67 billion yuan, a year-on-year increase of 168.5%. Adjusted net profit under non-IFRS was 5.14 billion yuan, a year-on-year increase of 147%

According to reports, Xiaomi’s global smartphone shipments in the second quarter were 32.9 million units, and mobile phone revenue was 36.6 billion yuan, a year-on-year decrease of 13.4%. This was mainly due to a decrease in smartphone shipments, partially offset by an increase in smartphone average selling prices.

We note that Xiaomi’s average selling price (ASP) in the quarter reached 1,112 yuan, year-on-year. An increase of 2.8%. Among them, thanks to the steady advancement of high-end mobile phones, the average selling price in mainland China has increased by more than 24% year-on-year

Lu Weibing, President of Xiaomi Group, responded to the industry’s concern about Xiaomi India at the performance conference call on the 29th 4.8 billion yuan funding problem. He said that these funds were only frozen by the Indian government, not confiscated, and are currently being resolved through legal channels

Lu Weibing said that Xiaomi's operations in India have always complied with laws and regulations and are actively communicating with local government departments. Although this process is very long, Xiaomi believes in the fairness and independence of the Indian judiciary

Lu Weibing also said that Xiaomi’s business adjustments in the Indian market have achieved significant results, and in the future everyone will see Xiaomi’s market share and products in the Indian market. New changes in structural improvement

According to Xiaomi’s financial report, in the second quarter of 2023, Xiaomi’s overseas Internet service revenue increased by 19.7% year-on-year, reaching 2 billion yuan, a record high. Overseas Internet service revenue accounted for 26.8% of the overall Internet service revenue, a year-on-year increase of 2.9 percentage points

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