Xiaomi

Xiaomi To Buy Stake In Software Firm Kingsoft From Tencent

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China’s Xiaomi Inc has agreed to buy about 3 percent of software firm Kingsoft Corp Ltd from Tencent Holdings Ltd for HK$527 million ($67.99 million), according to a Kingsoft filing on Monday.

The deal with Xiaomi, the world’s third-biggest smartphone maker, is expected to close on January 30, the filing to the Hong Kong exchange said. Chinese social networking and video game giant Tencent will still hold 9.6 percent of Kingsoft.

Xiaomi CEO and Chairman Lei Jun is also a founder and now chairman of Kingsoft, which makes entertainment, Internet security and office software. The deal is set to increase Lei’s voting rights in Kingsoft to 29.9 percent. Click here to read more

Wahengbam Rorrkychand

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