Two regional general managers of Xiaomi International Business Department were opened for corruption. The picture shows the information map of Xiaomi Building
On June 16, Red Star Capital Bureau reported that Xiaomi had recently reported a case of violation of rules and disciplines, and two regional general managers of the International Business Department were dismissed on suspicion of corruption.
Owen, the former general manager of the Western Europe Division of the International Business Department, fabricated the outsourcing business, which involved a huge amount of money and was dismissed. The company started criminal and civil rights protection for him.
Chen Bingxu, the former general manager of the Latin America Division of the International Business Department, asked for huge bribes, expensive properties, luxury entertainment, etc. from the partners. The huge amount involved in the case was dismissed, the options were confiscated, and the company's losses were compensated.
It is reported that in 2019, Xiaomi Group (01810. HK) adjusted the personnel structure of the International Department. Among them, Owen was appointed as the general manager of Western Europe, Chen Bingxu as the general manager of Eastern Europe, and later Chen Bingxu was transferred to the general manager of Latin America.
The financial report shows that in the first quarter of 2024, Xiaomi Group's overseas revenue is about 37.9 billion yuan, up 40.3% year on year, accounting for 50.2% of the total revenue. This part of revenue mainly comes from India and Europe.
Screenshot of Xiaomi Group's financial report
According to Canalys data, in the first quarter of 2024, Xiaomi Group achieved year-on-year growth in smartphone market share in the Middle East, Latin America, Africa and Southeast Asia. Among them, Middle East shipments ranked second, with a year-on-year increase of 7.1 percentage points to 20.9% in market share; Latin America, Southeast Asia, Africa and other regions ranked third. Their market shares increased by 2.0 percentage points, 4.4 percentage points and 4.5 percentage points respectively year on year, with market share of 15.3%, 16.5% and 10.6% respectively.
Edited by Deng Lingyao from Shanghai Securities News and China Fund News
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