Xiaomi sales jump fourfold on subsidies

Xiaomi (1810) says its smartphone sales have quadrupled over the past few days following the launch of state subsidies for digital products to boost flagging consumption in China.

President Lu Weibing said the company also recorded a 55 percent increase in the number of people visiting its stores, in an online post.

China on Monday launched a fresh round of subsidies nationwide on smartphones, tablets and smart bracelets, offering a 15 percent discount on products priced no more than 6,000 yuan (HK$6,426).

The subsidies have a limit of 500 yuan per item.

CICI CAO