Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on August 19, Xiaomi Group today released its results for the second quarter of 2022. Xiaomi's second-quarter revenue was 70.7 billion yuan, down 20.1% from the same period last year; net profit was 1.39 billion yuan, estimated at 1.5 billion yuan; and adjusted net profit was 2.08 billion yuan, estimated at 1.99 billion yuan, down 67.1% from the same period last year.

According to the Beijing News, at the subsequent financial analysis meeting, Wang Xiang, a partner and president of Xiaomi Group, said when asked by a reporter that Xiaomi is actively responding to the Indian government's investigation and there is no provision at present. Because Xiaomi's business in India is still in normal progress, Xiaomi has successfully unfrozen more than 700 million US dollars of frozen funds.

Wang Xiang said that some of the frozen funds are still under negotiation, and Xiaomi's business progress in India and factory production are also in normal progress. Xiaomi will seriously and actively communicate frankly with the relevant departments of the Indian government, as well as appeal through the judicial system.

CTOnews.com learned that in May this year, Indian law enforcement seized about 4.8 billion yuan of bank assets of Xiaomi Technology India Private Co., Ltd., saying it found that the company had illegally remitted money to three foreign entities "through false royalties", including a Xiaomi group entity. Xiaomi denied any wrongdoing, saying its "royalty payments and statements to the bank are legal and true".

Xiaomi then filed a lawsuit with the High Court in the southern Indian state of Karnataka against India's decision to crack down on financial crime institutions. Two sources told Reuters that the Indian court has lifted the $725 million freeze on Xiaomi by federal agencies, which was confirmed by Xiaomi Wang Xiang today.

In addition, Xiaomi said its senior management faced the threat of "physical violence" when questioned by India's financial crime crackdown agency, Reuters reported. The Indian Law Enforcement Agency said in a statement that Xiaomi's allegations were "untrue and groundless" and that Xiaomi executives testified voluntarily "under the most favorable circumstances." The Indian Law Enforcement Agency also said they were a "professional body with a strong professional ethics and there was no coercion or threat to the company's officials at any time."

Related readings:

Xiaomi responded that "about 4.8 billion yuan in assets were seized by India": it will work with the government to clarify all misunderstandings.

"Xiaomi was detained by the Indian government for about 4.8 billion yuan on suspicion of illegal remittance."

"it is reported that the Indian court lifted the freeze on Xiaomi's $725 million assets."

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