Xiaomi has evolved into a broad consumer-technology ecosystem spanning smartphones, smart-home products, wearables, appliances and increasingly electric vehicles.
The EV expansion is particularly interesting because it opens an enormous new addressable market while allowing Xiaomi to leverage its existing brand, software ecosystem and enormous customer base.
Rather than thinking of Xiaomi simply as another Chinese smartphone manufacturer, the longer-term opportunity is an interconnected ecosystem covering the phone, home and automobile.
Chinese equities naturally carry regulatory and geopolitical risks, but Xiaomi's underlying business is becoming increasingly diversified.
Overall: Xiaomi is one of China's most interesting consumer-technology growth stories, particularly if its EV business continues scaling successfully.
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