Chinese mobile-maker Xiaomi may move its operations from India to Pakistan after Indian govt freezes its assets worth $676M

[PakistaniandProud]

https://twitter.com/x/status/1578077756826742785

Chinese smartphone maker Xiaomi Corp (1810.HK) on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests.

An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.

The Chinese smart devices firm in a statement on Sunday said that over 84% of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to U.S. chipset company Qualcomm Group (QCOM.O)

"We will continue to use all means to protect the reputation and interests of the company and our stakeholders," it said.

The company said that Xiaomi India is an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm to license IP for manufacturing smartphones.

Both Xiaomi and Qualcomm believe that it is a legitimate commercial arrangement for Xiaomi India to pay Qualcomm royalty, the statement said.

With an 18% share each, Xiaomi and Samsung together lead the smartphone market in India, the world's second biggest after China, according to data from Counterpoint Research.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020.

India has cited security concerns in banning more than 300 Chinese apps since then, including popular ones such TikTok, and also tightened rules for Chinese companies investing in India.

Source: https://www.reuters.com/business/ch...terests-after-assets-frozen-india-2022-10-02/

"Estimates of online sales of smartphones show Indians primarily shopped from five brands this October, including 4 Chinese companies Xiaomi, Vivo, Realme, and Oppo." - these account for 69-73 percent of the Indian market share.

 

[Baba_Yaga]

You can bet they won't do that. If they do that, they lose access to the Indian market. Access to a market of 1.4 billion is more important than access to a market of 250 million, that too assuming same incomes in both the places. They have been minting money in India and have cornered the market, and only become more greedy. These court cases will knock some sense into them and they will come back to their senses.

 

[etylo]

They should do that, chinese companies should get away from indian snakes, who cares what poor slum indian consumers.

 

[Beast]

You can bet they won't do that. If they do that, they lose access to the Indian market. Access to a market of 1.4 billion is more important than access to a market of 250 million, that too assuming same incomes in both the places. They have been minting money in India and have cornered the market, and only become more greedy. These court cases will knock some sense into them and they will come back to their senses.

Lol... You indian will still buy made in China xiaomi smartphone even Xiaomi shift out all the factory. You indian has no balls not to buy made in China smartphone.

 

[lightoftruth]

They should do that ,enough of chinki nonsense and loot.

They are better off in pakistan where loot like CPEC is considered higher than mountain friendship.

 

[etylo]

They should do that ,enough of chinki nonsense and loot.

They are better off in pakistan where loot like CPEC is considered higher than mountain friendship.

You slum beggars will regret what you said and did.

 

[Baba_Yaga]

Lol... You indian will still buy made in China xiaomi smartphone even Xiaomi shift out all the factory. You indian has no balls not to buy made in China smartphone.

Keep dreaming, no one buys chinese phones because they are nice, they buy them because they are cheap, they are actually shit. When india imposes 50% tax on imported phones, who in the right mind will buy your shit phones . Dont talk about balls when you chinese are known to have the shortestdicks in the world.

You slum beggars will regret what you said and did.

Nice to see Pakistani guy more offended than Chinese themselves.

 

[Beast]

Keep dreaming, no one buys chinese phones because they are nice, they buy them because they are cheap, they are actually shit. When india imposes 50% tax on imported phones, who in the right mind will buy your shit phones .

Lol.. go ahead and ask modi to impose 50% tax on Chinese smartphone. Don't make me wait too long...

https://www.thehindu.com/news/international/record-surge-in-indias-imports-from-china-in-first-half-of-2022/article65634874.ece/amp/

 

[etylo]

Aww Chinki got angry ,is the Bat soup too salty ?

Aww Chinki got angry ,is the Bat soup too salty ?

Hindutva low life animal rapists, tastes not as good as cow piss and cow dung eh.

 

[Baba_Yaga]

Lol.. go ahead and ask modi to impose 50% tax on Chinese smartphone. Don't make me wait too long...

https://www.thehindu.com/news/international/record-surge-in-indias-imports-from-china-in-first-half-of-2022/article65634874.ece/amp/

So you think a tax increased China's imports to India? So not only are you 5 feet tall you are also an illiterate idiot.

Aww Chinki got angry ,is the Bat soup too salty ?

He's a false flagger from Pakistan, not Chinese.

 

[Beast]

Aww Chinki got angry ,is the Bat soup too salty ?

Better than cow dung delta variant soup.

 

[Cheepek]

Same sources that brought Su 35 to Pakistan

 

[VkdIndian]

should

Hey @etylo, again should, could, must etc etc. Meaningless.

who cares what poor slum indian consumers.

Really? Xiaomi didn’t do any survey or study to see if they will make money in India and invested millions? I knew that you are smart but didn’t know that you are actually smarta$$.

Xiaomi just came to know that one smart Chinese is lost in Canadian badlands and may contact you for your expertise. In fact I recommended your name. Don’t forget to give me finders fees. And Thanks.

Hindutva low life animal rapists, tastes not as good as cow piss and cow dung eh.

Considering that you go ballistic every time, you must have reached space, having reached escape velocity.

How is the view?

 

[LakeHawk180]

https://twitter.com/x/status/1578077756826742785

Chinese smartphone maker Xiaomi Corp (1810.HK) on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests.

An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.

The Chinese smart devices firm in a statement on Sunday said that over 84% of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to U.S. chipset company Qualcomm Group (QCOM.O)

"We will continue to use all means to protect the reputation and interests of the company and our stakeholders," it said.

The company said that Xiaomi India is an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm to license IP for manufacturing smartphones.

Both Xiaomi and Qualcomm believe that it is a legitimate commercial arrangement for Xiaomi India to pay Qualcomm royalty, the statement said.

With an 18% share each, Xiaomi and Samsung together lead the smartphone market in India, the world's second biggest after China, according to data from Counterpoint Research.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020.

India has cited security concerns in banning more than 300 Chinese apps since then, including popular ones such TikTok, and also tightened rules for Chinese companies investing in India.

Source: https://www.reuters.com/business/ch...terests-after-assets-frozen-india-2022-10-02/

Sure. If they want to lose access to the entire Indian market. Plenty of phone manufacturers out there to take Xiaomi’s place.

Chinese companies ought to play by the rules in India.

 

[Beast]

Sure. If they want to lose access to the entire Indian market. Plenty of phone manufacturers out there to take Xiaomi’s place.

Chinese companies ought to play by the rules in India.

Lol.. they wouldn't lose out. Indian has no choice but to buy Chinese smartphone becos Indian max really cannot make it. More expensive but shxtty compare to Chinese one. If not, why Chinese smartphone flood the Indian market.