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    1810   KYG9830T1067

XIAOMI CORPORATION

(1810)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-11-25 am EST
9.490 HKD   +0.42%
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India enforcement body says $682 million block on Xiaomi's bank assets upheld

09/30/2022 | 09:52am EST
FILE PHOTO: GSMA's 2022 Mobile World Congress in Barcelona

NEW DELHI (Reuters) - An Indian appellate authority has confirmed a seizure order against Chinese smartphone giant Xiaomi Corp that froze $682 million in an investigation related to illegal remittances to foreign entities, authorities said on Friday.

The federal financial crime agency, the Enforcement Directorate, said the decision was "the highest amount of seizure order in India which has been confirmed by the authority".

Xiaomi did not immediately respond to a request for comment on the decision by the body known as the Competent Authority under the Foreign Exchange Management Act.

The crime agency seized the money in April saying Xiaomi had illegally transferred funds abroad to three entities, including one in the Xiaomi group, describing them as payments "in the guise of royalty".

Xiaomi had denied any wrongdoing and challenged the decision in an Indian court, which had asked an appellate authority to review the matter.

(Reporting by Munsif Vengattil and Aditya Kalra in New Delhi; Editing by Andrew Heavens)


ę Reuters 2022
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Analyst Recommendations on XIAOMI CORPORATION
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Financials
Sales 2022 289 B 40 258 M 40 258 M
Net income 2022 1 835 M 256 M 256 M
Net cash 2022 41 695 M 5 815 M 5 815 M
P/E ratio 2022 81,8x
Yield 2022 -
Capitalization 215 B 29 926 M 29 926 M
EV / Sales 2022 0,60x
EV / Sales 2023 0,50x
Nbr of Employees 32 869
Free-Float 60,1%
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Technical analysis trends XIAOMI CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 8,71 CNY
Average target price 10,70 CNY
Spread / Average Target 22,9%
EPS Revisions
Managers and Directors
Jun Lei Chairman & Chief Executive Officer
Xiang Wang President
Alain Lam Chief Financial Officer
Yan Qi SVP-Internal Operations & Public Affairs
Dong Sheng Chen Independent Non-Executive Director
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