Market Chatter: Xiaomi Denies Violating Gree's Smart Electric Fan Patent

MT Newswires Live07-11

Xiaomi (HKG:1810) said it did not directly infringe on Gree Electric Appliances' (SHE:000651) patent for a smart electric fan, a supplier the phone maker invested in did, Yicai Global reported Wednesday.

The mobile phone maker only supports Dream Maker Zhejiang Technology with sales and promotions but does not manage their daily operations, Yicai said. Xiaomi owns 8% of Dream Maker.

The Chinese Supreme People's Court ruled that Xiaomi's electric fan infringed on Gree's patent, and required supplier Dream Maker to pay 1.9 million yuan in damages and halt production, the report said.

Gree clarified that Dream Maker was the actual defendant. Although the fan has been removed from Xiaomi's official stores, it is still available on JD.com (HKG:9618), Yicai said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (HKD): $16.68, Change: $+0.56, Percent Change: +3.47%

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