Xiaomi to host virtual investment summit on April 24

The Demo Day will have 6 different sessions and projects will be introduced in various sectors including software, hardware, consumer goods, finance, enterprise services and technology.

Xiaomi to host 1st virtual investment summit on April 24 (REUTERS)

Chinese conglomerate Xiaomi on Tuesday announced its first virtual investment summit on April 24, along with seed and growth stage VC firm Shunwei Capital, to interact with investors online, discuss changes brought by the COVID-19 pandemic and discover potential opportunities.

Called Demo Day, the virtual event is aimed at inviting the investor community to witness the growth of Xiaomi's portfolio companies, on the occasion of its 10th anniversary.

The Demo Day will have 6 different sessions and projects will be introduced in various sectors including software, hardware, consumer goods, finance, enterprise services and technology, the company said in a statement.

Over the past nine years, Xiaomi and Shunwei Capital have invested in over 500 companies, covering sectors including smart hardware, consumer goods, community and social activities, AI, entertainment, SaaS (software-as-a-service), banking and finance.

"By investing in companies with vision and potential, Xiaomi aims to create long-term strategic value and create a better life for everyone," said the company.

The Chinese conglomerate's total revenue for 2019 exceeded 200 billion Chinese Yuan for the first time, reaching 205.8 billion Chinese Yuan which is up 17.7 per cent year-on-year.

Its adjusted net profit was 11.5 billion Chinese Yuan, up 34.8 per cent (YoY) for the calendar year that ended December 31.

"Despite headwinds from the Sino-US trade war and global economic downturn, Xiaomi stood out in 2019 with a commendable set of results as our revenue exceeded RMB 200 billion for the first time," according to Lei Jun, Xiaomi Founder, Chairman and CEO.