Earlier this week, the Wuhan Yibayiling Corporate Management Co., Ltd. was established in China with a registered capital of 2 billion Yuan (roughly 313 million US Dollars). This firm is fully owned by the Xiaomi Corporation.
According to a pandaily report, the news arrives from a business registration information, which also revealed that the newly establishes is legally represented by Alain Lam. The information states that the business scope includes enterprise management, enterprise management consulting, and information consulting services. As per the Chinese tech giant, the sizeable investment to establish the firm will help in driving its business development forward as well.
Notably, the investment also arrives as the company recently shared its financial report for the third quarter of this year. This report showcased that Xiaomi invested in more than 360 companies by the end of the third quarter, with its total investment reaching around 59.1 billion Yuan (roughly 9.2 billion US Dollars). Apart from investments into other firms, the company has recently even registered its second automobile unit, as it seeks to expand its prospects in the booming electric vehicle market. It is even planning on building a new car production plant in Beijing, which will have an annual production capacity of 300,000 units.
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