Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Stocks in Asia traded mixed on Monday as investors await a U.S. Federal Reserve meeting set to happen later in the week stateside.Asia Marketsread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The outlook for Germany's economy and political stability are more uncertain than ever, writes Michael Ivanovitch.World Economyread more
Hong Kong democracy activist Joshua Wong walked free from prison on Monday after serving nearly five weeks for contempt of court, pledging to join a mass protest movement...China Politicsread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
The company made that decision a year ago and there are indications it was a good move, Xiaomi's Chief Financial Officer, Chew Shou Zi, told CNBC's "Squawk Box' on Thursday.
"We believe that for this year, our strategic focus is to strengthen our position in the mid and high-tier market," Chew said.
Xiaomi started off by making high-end smartphones at substantially lower price points compared to other device makers. But increasingly, the company has faced intense competition from other low-cost Chinese rivals like OPPO and vivo.
"For this quarter, the reflection of the success of our strategy was an increase in our average selling price by 25 percent of our smartphones in China," Chew said.
He added that the shifting focus, along with expansion into offline channels, will "lay a very good groundwork for growth in 2019 and beyond."
Xiaomi shares rose 1.36 percent on Thursday morning in Hong Kong.
Xiaomi is the fourth-largest smartphone maker in China with about 13.8 percent of the market share, behind its rivals Huawei, OPPO and vivo, according to the International Data Corporation. The Chinese smartphone market has struggled for growth in recent years due to a high smartphone penetration rate.
In the second quarter of 2018, preliminary IDC data suggested that 105 million smartphones were shipped in China. That translates to a 5.9 percent drop from a year ago, but the pace of that decline narrowed compared to the first quarter, IDC said.
"The market's average selling price increased 15 [percent on-year] in the second quarter," Xi Wang, a senior market analyst at IDC China, wrote in a report. "This suggests that consumers are willing to pay more for a phone targeted for their needs, including not just better cameras but also emerging categories such as gaming."
Wang added that Chinese users continue to spend more and more time on mobile phones, and therefore, smartphone makers should emphasize things like "design, quality, and brand image" to drive replacements in China.
Internationally, Xiaomi's focus depends on various markets that it operates in, according to Chew.
"For the Indian market, in particular, because of where it is in terms of its [gross domestic product] growth overall, and its level of consumption spend, the consumers are actually demanding more entry-to-mid-tier level phones," he said, adding that users in Western Europe preferred more mid-to-high range devices.
Still, analysts have said that a notable part of Xiaomi's growth comes from the robust Indian smartphone market, which returned to double-digit growth in the second quarter. There, Xiaomi is battling the world's largest smartphone-maker Samsung for pole position.
Data from IDC said that Xiaomi had 29.7 percent of the market in the second quarter, compared to Samsung's 23.9 percent. However, technology market research firm Counterpoint Research, said the South Korean tech giant had a 1 percentage point lead over its Chinese rival.
On Wednesday, Xiaomi reported second-quarter earnings that beat expectations despite questions looming over its long-term business model. Smartphones contributed to the majority of the revenue, followed by its internet of things and lifestyle business and then internet services.
Chew said he was "very optimistic" about the future of the global internet services business that includes mobile games and video and music streaming services. Xiaomi said most of the internet services revenue for the second-quarter was generated in mainland China.
"We believe that if you provide a very good service to them, then monetization is a lot easier further down the road," he said.
"The priority today is to make sure that we acquire a lot of international users and then provide them with a very good service," Chew said.