Xiaomi (小米)

Xiaomi — "little grain of rice" — was founded in 2010 on an then-unusual idea: sell hardware at near-zero margin and make money on services and accessories. The first models sold online only, in batches, to user communities consulted weekly on updates to the MIUI interface.

The brand then extended the logic to hundreds of connected objects — bands, vacuum cleaners, kettles, scooters — made by a network of start-ups it invests in. In 2024 it delivered its first electric car, something no phone maker had pulled off, and its physical store has become a family day-out destination in China.