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Xiaomi buys 0.48% stake in electronics maker TCL

Xiaomi Corp. bought a 0.48% stake in Chinese home appliance manufacturer TCL Corp., following a cooperation agreement signed between the two companies on Dec. 29, 2018, for building smart products and electronic devices, Bloomberg News reported Jan. 6.

According to a TCL statement filed to the Shenzhen Stock Exchange, Xiaomi purchased 65.2 million TCL shares from the secondary market as of Jan. 4.

TCL reportedly said the share buy was a reflection of the company's valuation, operational strategy and core competence, and that Xiaomi is ready for a strategic cooperation on a capital level as well.