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    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

(A005930)
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End-of-day quote Korea Stock Exchange  -  2022-11-28
60600.00 KRW   +0.83%
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China's Xiaomi says will protect business interests after assets frozen in India

10/02/2022 | 04:43pm EST
People walk past Xiaomi, a Chinese manufacturer of consumer electronics, store in Mumbai

MUMBAI (Reuters) - Chinese smartphone maker Xiaomi Corp 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

"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.

(Reporting by Rupam Jain; Editing by Sandra Maler)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
QUALCOMM, INC. -0.97% 118.38 Delayed Quote.-34.63%
SAMSUNG ELECTRONICS CO., LTD. 0.83% 60600 End-of-day quote.-22.61%
XIAOMI CORPORATION 3.51% 10.32 Delayed Quote.-47.25%
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Analyst Recommendations on SAMSUNG ELECTRONICS CO., LTD.
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Financials
Sales 2022 308 829 B 233 B 233 B
Net income 2022 37 022 B 27,9 B 27,9 B
Net cash 2022 110 380 B 83,1 B 83,1 B
P/E ratio 2022 10,7x
Yield 2022 2,41%
Capitalization 407 028 B 306 B 306 B
EV / Sales 2022 0,96x
EV / Sales 2023 0,94x
Nbr of Employees -
Free-Float 83,1%
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Mean consensus BUY
Number of Analysts 39
Last Close Price 60 600,00 KRW
Average target price 76 051,28 KRW
Spread / Average Target 25,5%
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Managers and Directors
Jong-Hee Han Vice Chairman & Co-Chief Executive Officer
Kye Hyun Kyung Co-Chief Executive Officer & Executive Director
Hee-Chan Roh Chief Financial Officer
Jae-Yong Lee Executive Chairman
Sang-Gyun Kim Head-Compliance Management
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