Xiaomi widens wearables lead in the mainland

Business | Tereza Cai 27 Dec 2018

Xiaomi (1810) widened its advantage as China's number one wearable maker in the third quarter.

The third-quarter shipment of wearable devices in China amounted to 14.5 million, up 12.5 percent year on year, according to the global technology research and consulting firm's Worldwide Quarterly Wearable Device Tracker.

Xiaomi was the largest wearable maker as it launched Xiaomi 3 at that time. The company recorded 4.19 million shipments in the single quarter, accounting for 28.9 percent market share, up 37.8 percent year on year.

However, BBK Electronics saw a larger growth in shipments in the third quarter of 2018, in light of its budget GPS phone watch for kids. The company's shipments spiked 63.8 percent.

Huawei, leveraging on its Huawei Band and Honor Color Band beat the BBK Electronics in shipments to become the second in the ranking. It shipped over 1.59 million wearables in China, accounting for 11 percent of market share.

Its competitor Qihoo 360, which also focuses on kids' watches, saw a sharp plunge during the same period. Shipments for the company slumped by 27.4 percent to 568,000.

Kids' watch maker Shenzhen Continental Wireless ranked fifth in the report.

The Middle East, Turkey, and Africa markets, witnessed various new product launches in Q3 2018 from brands such as Fitbit, Huawei, and Garmin.

A large number of shipments from Xiaomi, particularly to Turkey and the UAE, was another driver of basic wearables growth in the region. Xiaomi launched its first flagship store in Turkey and shipped a large number of basic wearables to the country, alongside other consumer devices such as PCs and smartphones.

Shares in Xiaomi dropped 3.8 percent to HK$13.16 on the last trading day.

In other news, ZTE (0763) has issued a set of internal monitoring measures. In order to facilitate better performance of duties by the board of directors, ensure effective board supervision over the management and to improve its corporate governance structure, it has set up an audit committee and formulated working rules.

The working rules include identifying the committee's duty, that it should review and monitor the independence and objectivity of external auditors and the effectiveness of audit procedures in accordance with applicable standards.

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